DoorDash on Thursday announced it was looking to raise about $400 million in fresh capital from investors, in Series H round of funding. The fundraise will elevate the food delivery company’s valuation at about $16 billion ahead of its initial public offering (IPO).

DoorDash, which has raised more than $2.4 billion in venture funding since its inception in 2013, confidentially filed to go public in February, setting it up as one of the most high-profile listings of 2020. But the rapid outbreak of COVID-19 in the United States while increasing food delivery volumes has brought the IPO market to a halt.

The latest capital injection would be used for brand new products and services to deal with the changing commerce landscape made necessary by Covid-19, DoorDash said in its press release. The new funds may also further the startup’s search to increase market share in the U.S., Canada and Australia, the three countries where it operates. 

The company, backed by SoftBank Group Corp, competes with Uber Eats, GrubHub Inc and Postmates Inc. It said that the latest funding round would be led by new investors Durable Capital Partners LP and Fidelity Management & Research Co and existing investors. Funds and accounts would be advised by T Rowe Price Associates.