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DoorDash said on Thursday it was looking to raise about $400 million from investors, valuing the food delivery company at about $16 billion ahead of its initial public offering (IPO).

The company, backed by SoftBank Group Corp, filed for an IPO in February, setting it up as one of the most high-profile listings of 2020.

DoorDash, which competes with Uber Eats, GrubHub Inc and Postmates Inc, said 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 advised by T. Rowe Price Associates.

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The funding round follows a massive jump in demand for food delivery services as a large number of people ordered in due to COVID-19 mandated lockdowns.

DoorDash said the funds would be used for new products and services.

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