Uber pays $1.1 billion for Drizly

As its core ride-hailing business remains depressed by the pandemic, Uber is making yet another big bet that food delivery will stay as a big part of its business.

On Tuesday, the company announced plans to acquire Drizly, a Boston-based maker of an alcohol delivery app, for about $1.1 billion in cash and stock.

Uber plans to integrate Drizly into its system, allowing Drizly to reach Uber’s customers while Uber, well, lists more alcohol. It’s worth noting that alcohol sales have boomed in the pandemic.

Having raised some $85 million or so in its lifetime, per Pitchbook, Drizly is backed by investors including Avenir Growth Capital, Tiger Global Management, Polaris Partners, and Continental Partners.

There are also few other ways to look at this deal, beyond Uber’s own decision to double down on its lifeline in the pandemic, food delivery.

SoftBank has long been pursuing a last-mile delivery web with its investments—look no further than its bets in DoorDash in the U.S., Rappi in Latin America, and Didi in Asia, to name a few. Backed by the Japanese conglomerate, Uber’s acquisition is a deepening of that trend. The Uber news also won’t be the first time a SoftBank portfolio company has jumped into alcohol delivery: Daily-goods delivery company, GoPuff, acquired liquor store chain Bevmo! for about $350 million in December. The CEO of Philadelphia-based GoPuff framed the acquisition as a way for the company to enter California, Bevmo!’s home base.

Uber CEO Dara Khosrowshahi, meanwhile, is known for his dealmaking to build out travel company Expedia, a strategy that seems to have carried over into his time at the ride-hailing company: Uber earlier this year acquired food delivery rival Postmates for about $2.7 billion. In 2019, it acquired a majority stake in grocery delivery startup Cornershop. 

ROBINHOOD RAISE: While Robinhood itself is dealing with a cocktail of conspiracy theories, consumer lawsuits, and congressional scrutiny in the GameStop saga,its investors are betting big that it will be a blip in its long-term story. The company raised another $2.4 billion, adding to the $1 billion previously reported upon. Ribbit Capital led the round and was joined by investors including ICONIQ Capital, Andreessen Horowitz, Sequoia, Index Ventures, and NEA. 

Robinhood’s collateral requirements from clearinghouse rose dramatically amid the recent market volatility, leading the startup to restrict the trading of some shares, including in those of GameStop. But the reality is, despite the reputational hit the app is suffering, the impact of Reddit traders driving up shares of Gamestop seems to have been a boon to stock trading, and therefore, Robinhood itself. Among stock-trading apps, Robinhood’s app still led in downloads last week. Read more.

Lucinda Shen
Twitter: @shenlucinda
Email: lucinda.shen@fortune.com