DoorDash Inc., the largest food delivery company in the U.S., has ended talks to invest in Gorillas Technologies GmbH after disagreements with the German delivery startup over expansion plans, according to a person familiar with the matter.
The San Francisco-based company was discussing investing $400 million in a deal that would have valued the startup at $2.5 billion, the person said. The news was reported earlier by The Telegraph. A letter of intent had been signed by both parties but the two sides couldn’t agree on a strategy. DoorDash wanted Gorillas to slow its expansion in the U.S. and focus on reducing its losses on the European operation, the person said, asking not to be identified discussing private information.