In a wide-ranging conversation at TechCrunch Disrupt San Francisco final week, Postmates co-founder and chief government officer Bastian Lehmann made gentle of the corporate’s lack of IPO paperwork.
The San Francisco-based on-demand supply enterprise was expected to publicly file its IPO prospectus in September in preparation for a fall exit, sources acquainted with the matter instructed TechCrunch this summer time. September, nonetheless, has come and gone and we’re nonetheless ready on Postmates to launch the essential doc.
“The truth is that we’ll IPO after we consider we discover the precise time for the enterprise and the precise time for the markets,” Lehmann instructed TechCrunch. “And if you happen to take a look at the markets proper now, I consider they’re somewhat uneven. They’re somewhat uneven in relation to progress corporations particularly … We’re hopeful that we discover a good window to get on the market.”
Lehmann made reference to Uber and different corporations to lately float, citing market circumstances as an IPO deterrent. Uber, Lyft, Slack and different fast-growing unicorns have struggled since getting into the general public markets earlier this 12 months regardless of sky-high non-public market valuations. WeWork, a money-losing endeavor, lately decided to delay its IPO after demand from Wall Avenue devalued the enterprise by the billions. Whether or not Postmates will full its debut by the top of the 12 months is unclear.
Postmates confidentially filed with the U.S. Securities and Trade Fee for an IPO in February. Shortly after, Postmates held M&A talks with DoorDash, one other meals supply unicorn, based on folks acquainted with the matter, however failed to return to mutually favorable phrases. DoorDash has beforehand declined to touch upon these reviews. On stage final week, Lehmann declined to verify the reviews.
“I don’t suppose it does any good to invest on M&A,” he mentioned. “I believe you will have 4 well-funded gamers right here within the U.S. on this house. I believe everyone seems to be effectively conscious of the strengths and the weaknesses of one another and you already know sooner or later down the road, if we take Europe for instance, you will note consolidation out there. Individuals have conversations on a regular basis however I wouldn’t learn an excessive amount of into it.”
Postmates operates its on-demand supply platform, powered by a community of native gig financial system staff, in additional than 3,500 cities throughout all 50 states. The corporate doesn’t but function in any worldwide markets other than Mexico Metropolis, nonetheless, Lehmann’s feedback counsel the enterprise might be plotting a foray into Europe, the place Deliveroo, Simply Eat and others dominate the market.
Postmates has raised about $900 million thus far, together with a $225 million round introduced final month that valued the corporate at $2.four billion. DoorDash, alternatively, reached a $12.6 billion valuation in Might with a $600 million Series G and has raised greater than double that of Postmates. When requested why DoorDash, an analogous and competing enterprise, wanted that rather more capital, Lehmann joked “Perhaps [DoorDash CEO Tony Xu] wants a jet, I don’t know.”
Postmates, based in 2011 by Lehmann, is backed by Spark Capital, Founders Fund, Uncork Capital, Sluggish Ventures, Tiger World, Blackrock and others. In our interview with Lehmann, the long-time CEO mentioned the ‘uneven’ public markets, rivals, the corporate’s autonomous robotics supply efforts and extra.