Deliveroo, the UK-headquartered food delivery service that counts e-commerce firm Amazon as an investor, closed a $180m series H round yesterday at a valuation in excess of $7bn.
Investment and financial services group Fidelity Management & Research and private equity firm Durable Capital Partners co-led the round, which the company said is intended to be the last before it launches an initial public offering it has been planning for a few months.
Founded in 2013, Deliveroo runs an app-based service that allows users to order food from local restaurants and eateries for delivery. Reports in late 2020 concerning the IPO suggested it would seek a $2.6bn valuation in the offering.
The funding will support the growth of the company’s delivery-only kitchen network along with its on-demand grocery delivery service, in addition to geographically expanding its Plus subscription service and its Signature offering, which allows food to be ordered directly from restaurants’ websites.
Will Shu, Deliveroo’s founder and chief executive, said: “At Deliveroo we are always focused on developing the best proposition for consumers, riders and restaurants.
“This investment will help us to continue to innovate, developing new tech tools to support restaurants, to provide riders with more work and to extend choice for customers, bringing them the food they love from more restaurants than ever before.”
The company had received a total of about $1.5bn in funding as of a $575m Amazon-led series G round agreed in mid-2019 that also featured Fidelity, T. Rowe Price and Greenoaks Capital.
Fidelity and T. Rowe Price co-led Deliveroo’s $482m series F round in 2017, investing with Index Ventures, Accel and existing backers DST Global and General Catalyst. Its earlier investors include NGP Capital, Greenoaks Capital, Bridgepoint and Hummingbird Ventures.
