Silicon Valley VCs are growing wary of on-demand delivery

An UberEATS food delivery scooter is seen parked in London, Britain September 7, 2016. REUTERS/Neil Hall/File Photo

Michael Moritz – chairman of Sequoia Capital and one of the most successful venture capitalists in history – says a simple vision led him to invest hundreds of millions of dollars in on-demand delivery startups. 

"The movement of goods and services and people, by easier, more convenient means," he said in an interview. "That's a huge trend, enabled by smartphones."