Deliveroo, the UK-based on-demand food delivery service that counts communications technology provider Nokia as an investor, raised $98m on Friday to close its series F round at $482m.
Investment firm T. Rowe Price Associates and financial services group Fidelity Management & Research Company co-led the round, which included DST Global, General Catalyst, Index Ventures, Accel and undisclosed private investors.
Deliveroo operates an app-based service allowing users to order food form a variety of local eateries which are then delivered by the company’s 30,000-strong rider network. It will launch in its 200th city worldwide tomorrow and has some 20,000 restaurant partners.
The funding will be used to expand Deliveroo’s technology team, increase the size of the delivery-only kitchen scheme it operates with partner restaurants, and to continue its geographical expansion drive as it seeks to enter new countries and urban centres.
Will Shu, Deliveroo’s founder and chief executive, said: “The next exciting phase of the UK restaurant industry will see more power being handed to the consumer, with restaurants better able to cater for consumers’ needs because they have richer data to work with.
“This investment will help to accelerate this process, bringing more people more choice, healthier options and new food. As our technology improves deliveries will become faster and our selection on offer will become more varied.”
The round valued Deliveroo at more than $2bn and increased its overall funding to $957m since it was founded in 2013. It reached its $384m first close in September this year.
The company secured $275m in an August 2016 series E round co-led by Bridgepoint, DST Global and General Catalyst that included Nokia’s corporate venturing unit, Nokia Growth Partners, and Greenoaks Capital. Its earlier investors include Hummingbird Ventures.