Deliveroo raises $385 million in new funding
Deliveroo has raised $385 million of new funding.
This values the company at over $2 billion dollars — making it the fastest growing UK tech company and one of Europe’s biggest tech success stories.
The funding is led by funds and accounts advised by T. Rowe Price Associates, Inc. and Fidelity Management & Research Company, investment managers who have previously backed global technology companies including Facebook, AirBnB and Tesla. Existing investors DST Global, General Catalyst, Index Ventures, and Accel Partners are also making follow-on investments, increasing their positions in the company.
This new funding will allow Deliveroo to invest heavily in enabling more people to order great local restaurant food to their front door. The company has three priority growth areas in which it will focus investment:
- Rapid growth in Deliveroo’s Editions programme, delivery-only kitchens which allows partner restaurants to expand without any of the traditional upfront costs.
- Growth of its technology team, who will focus on continuing to make improvements to Deliveroo’s real-time logistics algorithm and artificial intelligence systems.
- Expansion into new towns, cities and countries.
Deliveroo founder and CEO Will Shu said: “I remember how excited I was carrying out our first delivery. I hoped that people would love being able to order great food from their favourite local restaurants straight to their front door. I am proud that just four years on, millions of people use Deliveroo in over 150 cities around the world. This is all thanks to the hard work of our riders, the great restaurants that we work with and our brilliant customers.
With this funding we will invest further in our delivery-only kitchens Editions, in developing our technology and in taking Deliveroo to more towns and cities. This investment will take us to the next level and allow our riders to deliver ever more great food directly to people’s doors.”