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How Softbank’s bet on DoorDash differs from WeWork, Uber fails: Tech

Wednesday, November 13, 2019

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LOS ANGELES, CALIFORNIA - MAY 08: A view of general atmosphere at the Doordash booth at 'Night Market' presented by The Los Angeles Times on May 08, 2019 in Los Angeles, California. (Photo by Tibrina Hobson/Getty Images for Los Angeles Times Food Bowl)
LOS ANGELES, CALIFORNIA - MAY 08: A view of general atmosphere at the Doordash booth at 'Night Market' presented by The Los Angeles Times on May 08, 2019 in Los Angeles, California. (Photo by Tibrina Hobson/Getty Images for Los Angeles Times Food Bowl)

How Softbank’s bet on DoorDash differs from WeWork, Uber fails: It’s shaping up to be a year that SoftBank’s record $100 billion dollar Vision Fund would like to forget.

First, there was Uber’s less-than-stellar initial public offering. Then, there was the utter unraveling of workplace leasing startup WeWork, plummeting from a SoftBank-fueled valuation of $47 billion earlier this year to a Softbank-rescued valuation of just under $10 billion last month.

But with two of the Vision Fund’s biggest bets taking serious hits, it raises questions about other startups it’s invested in that could follow a similar path. One of those Vision Fund-backed startups showing signs that are eerily similar to both Uber’s money losing ways and WeWork’s staggering pace of fundraising is food delivery unicorn DoorDash.

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