The Information Fundraising Briefing

Postmates, which primarily delivers food from restaurants like Starbucks and Chipotle, is raising more than $50 million at a roughly $400 million valuation, which has essentially doubled since the start of the year, The Information has learned.

The round is being led by hedge fund Tiger Global, and many old investors are also participating. Postmates is expanding its business model to tap revenue streams directly from merchants in addition to existing revenue from consumers.