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Postmates Seeks Up to $150 Million as Food Delivery Competition Heats Up

  • Food delivery startup aims to avoid overpromising on valuation
  • Financial docs show revenue forecast of $225 million for '16

Postmates Inc., a San Francisco food delivery startup, is in talks with investors to raise $100 million to $150 million in funding, said people familiar with the matter.

The flow of venture capital has been slowing since last year, and money-losing delivery businesses have faced especially heightened scrutiny from investors. Postmates wants to avoid setting too high of a valuation target in its fundraising round, said the people, who asked not to be identified because the negotiations are private.