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Postmates, the everyday food supply provider, has raised one other $225 million at a valuation of $2.4 billion, the corporate confirmed to TechCrunch on Thursday, sooner than an approaching initial public offering.

Private equity firmGPI Capitalhas led the funding, first reported byForbes, which brings Postmates’ total funding to nearly $1 billion. GPI takes non-controlling stakes — between 2% and 20% — in both leisurely-stage personal corporations and publicly listed ventures.

After tapping JPMorgan Scuttle andBank of The usato book its waft,Postmatesfiled privatelywith the Securities and Alternate Commission for an IPO earlier this yr. Sources conscious of the corporate’s exit plans sigh the enterprise intends topublicly unveil its IPO prospectus this month.

To focus on the corporate’s lunge to the final public markets and the challenges forward within the an increasing fashion of crowded food supply house, Postmates co-founder and chief executive officerBastian Lehmannwillbe a half of us onstage at TechCrunch Disrupton Friday October 4th.

AsForbesnoted, closing-minute financings are excessive for corporations poised to bound out of money and quick of an infusion prior to hitting the final public markets. The motives for Postmates’ closing-minute financing are unclear; however, the corporate will indubitably originate up procuring and selling on the stock market at an enticing time. 2019 has confirmed to be the yr of unicorn listings, and mature Silicon Valley darlings likeUberand Lyft beget struggled to stabilize since their multi-billion-greenback debuts, despite years of increase and coddling from mission capitalists.

Within the meantime, job within the food supply house has distracted from Postmates’ prospects.DoorDash, for one, lately purchased one other food supply provider,Caviar, from Square in a deal worth $410 million.Uber is imagined to beget regarded as procuring Caviar, which had been hunting for a purchaser at the least since 2016, in step with Bloomberg. Postmates, for its segment, has long been the subject of M&A rumors.

On-build an instruct to food supply, undeniably standard, has yet to tell its long-time-frame viability as a money-making enterprise. A minimum of, a sizeable compare from a inner most equity firm ensures Postmates has the capital it wants, within the mean time, to urge development and double down on itsself sustaining robotic supply ambitions.

Founded in 2011, Postmates is furthermore backed bySpark Capital,Founders Fund, Uncork Capital, Sluggish Ventures, Tiger Global, Blackrock and others.