Zipline Worth Over $1 Billion After Raising $190 Million in New Financing
On May 17, 2019, Zipline, the world's first and only national-scale drone delivery service, announced that it has raised $190 million in new financing, with participation from The Rise Fund and previous investors Baillie Gifford, GV, Katalyst Ventures, Temasek, Bright Success Capital, Goldman Sachs, Oakhouse Partners, Toyota Tsusho Corp, and the Design to Improve Life Fund. The capital came in two closes—the first in 2018 and another earlier this year. Wilson Sonsini Goodrich & Rosati represented Zipline in the transaction.
In all, Zipline has raised $225 million since it was founded. Now with a valuation of more than $1 billion, the company plans to use its new funds to expand its medical supply delivery services across Africa, the Americas, South Asia, and Southeast Asia, aiming to serve 700 million people in the next five years. The company's service works by enabling healthcare workers to order supplies by text message and have them delivered by drones dispatched from central distribution centers.
The WSGR team representing Zipline in the most recent financing included partners David Wickwire and Ryan Greecher; Of Counsels Joshua Gruenspecht and Christopher Williams; associates Ashley Schmidt, Beth St. Clair, and Jonathan Davey; and senior paralegal Barbara Mery.
For further details, please see a TechCrunch article discussing the new financing.