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UK-based Deliveroo Raises $385 Million Funding from T. Rowe Price, Fidelity

deliveroo raises funding

25th September 2017, India:

UK-based Deliveroo has raised $385 Million in the latest round of funding and has achieved the valuation of $2 Billion now.

Founded in 2013 by former investment banker Will Shu, Deliveroo operates an Uber-like model of food delivery, where it does not employ any of its couriers or produce its own food, but simply connects riders, restaurants and customers.

Will Shu, Founder and CEO of Deliveroo, said in a statement, “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 favorite 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.”

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He added, “So 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, Deliveroo will invest further in delivery-only kitchens Editions, in developing the technology and in taking the company to more towns and cities. Shu said, “This investment will take us to the next level and allow our riders to deliver ever more great food directly to people’s doors.”

Besides Britain, where it operates in 60 cities and towns, it also offers food delivery in eight European countries, Australia, Hong Kong and the United Arab Emirates. It’s closest rival is the Foodora unit of Germany’s Delivery Hero. (Image- Tookan)

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