Spyglass Portfolio -- Megatrends

0 New Position: DoorDash, Inc. (DASH) Business Overview DOORDASH With a mission to grow and empower local economies, DoorDash has established itself as the dominant food delivery platform in the US → By providing logistics, technology, and other services, DoorDash enables local merchants to sell online while addressing consumer expectations of ease and immediacy → Approximately $600 billion is spent annually at US restaurants, of which roughly 15% is delivery → DoorDash currently has about 65% market share of US food delivery and continues to take share Best-in-class customer cohorts give DoorDash an opportunity to win additional verticals over time → The average DashPass user is ordering from DoorDash seven to eight times per month, users who have been on the platform for more than three-and-a-half years are ordering over ten times per month →> -> For comparison, the average Amazon Prime member orders two to four times per month It has taken six years for DoorDash to grow from $3 billion to $60 billion in Gross Order Value →>> For comparison, Amazon grew from $3 billion in net sales to $60 billion in net sales from 2001 to 2012 Given the size of the “local commerce" opportunity, DoorDash is re-investing the profits of its US restaurant business into new verticals → Best-in-class order frequency gives DoorDash an opportunity to win additional verticals over time → Third-party data suggests DoorDash is taking share in international food delivery and US grocery delivery → Large verticals (such as grocery, convenience, and retail) amounts to a combined $2 trillion opportunity 25

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