Source: DoorDash is raising ~$500M at a valuation of over $6B (Yuliya Chernova/Wall Street Journal)

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Food-delivery startup DoorDash Inc. is arming itself with new funding as two of its rivals prepare for IPOs.

The venture-backed company is in the process of raising roughly $500 million at a valuation of more than $6 billion, and that might approach $7 billion, according to a person familiar with the situation. That valuation range would be four to five times what DoorDash was valued at in a financing round less than a year ago.

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