February 26, 2021

DIGITAL CFO ASIA

Transformative Insights for Finance

Deliveroo lands $180m funding, valuation over USD $7 billion

2 min read

Deliveroo will also focus on expanding its on-demand grocery services and continue to launch new initiatives to support its riders.

By: Tricia Ang | 25 January 2021

Photo from Straits Times

Online london-based food delivery company Deliveroo just finished a US$180 million series H round, this places the startup’s value at over US$7 billion. The funding was led by Durable Capital Partners and Fidelity Management and Research Company.

This latest funding comes ahead of a potential initial public offering as the company is seeing increasing consumer adoption, the firm said in a statement.

With the increased capital, the company has pledged to continue to develop its services to improve the user experience for restaurants, riders, and consumers.

Deliveroo has upcoming plans to expand delivery-only kitchen sites globally, work with more partners, and introduce its subscription membership services to new countries. Deliveroo will also focus on expanding its on-demand grocery services and continue to 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. Big players in the industry include Berlin-based Foodpanda, which raised US$749.5 million in total funding as per Crunchbase, and US-based Uber Eats, owned by ride-hailing giant Uber.

Deliveroo was founded in 2013 by Shu and Greg Orlowski and currently 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.