London-based online food delivery company Deliveroo has completed a US$180 million series H round led by Durable Capital Partners and Fidelity Management and Research Company, which puts the startup’s value at over US$7 billion.
The latest investment comes ahead of a potential initial public offering as the company is seeing increasing consumer adoption, the firm said in a statement.
Photo credit: Deliveroo
With the fresh capital, the company will continue to further develop its services for restaurants, riders, and consumers.
Deliveroo said it plans to expand the kitchen sites of its delivery-only business Editions globally, work with more partners, and bring its subscription membership services to new geographies. It will also expand its on-demand grocery services and launch new initiatives to support its riders.
“This investment will help us to continue to innovate, developing new tech tools to support restaurants, provide riders with more work, and extend choices for customers, bringing them the food they love from more restaurants than ever before,” said Will Shu, founder and CEO of Deliveroo.
The online food delivery market is expected to reach US$154.3 billion in 2023, according to a Research and Markets report. Major players in the space include the Berlin-based Foodpanda, which raised US$749.5 million in total funding as per Crunchbase, and the US-based Uber Eats, which is owned by ride-hailing major Uber.
Founded in 2013 by Shu and Greg Orlowski, Deliveroo operates in around 800 cities across 12 markets, including Australia, Belgium, France, Hong Kong, Italy, Ireland, the Netherlands, Singapore, Spain, the United Arab Emirates, Kuwait, and the UK.
The firm received US$575 million in a series G fundraising led by Amazon in 2019.
Editing by Miguel Cordon
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