Deliveroo raises $385 million in new funding
It is one of the single largest foreign investments into the UK in recent years.
The funding, which is led by T. Rowe Price Associates and Fidelity Management & Research Company, values the company at over $2 billion dollars.
This new funding will allow Deliveroo to invest heavily in enabling more people to order local restaurant food.
The company has three priority growth areas in which it will focus investment. First, rapid growth in Deliveroo’s Editions programme of delivery-only kitchens which allows partner restaurants to expand without any of the traditional upfront costs, whilst increasing food selection for customers and optimising delivery times.
Second, growth of its technology team, who will focus on continuing to make improvements to Deliveroo’s real-time logistics algorithm and artificial intelligence systems while improving riders’ working experience and continuing to develop Deliveroo’s products for restaurants and consumers.
Third, rapid expansion into new towns, cities and countries. This will allow more people to order food quickly to their door from their local restaurants.
The investment will provide a boost to the UK economy as Deliveroo expands further - providing more flexible work for riders and providing substantial extra revenues for its restaurant partners.
Deliveroo CEO and founder Will Shu said, “I am extremely pleased that our new investors share this vision and have decided to make such a significant investment in our future.”
“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,” he added.
