Food delivery start-up Deliveroo has just raised another $275m in funding
Young Gun Will Shu's on-demand service is now said to be valued at over $1bn following Series E round backed by new investor Bridgepoint
Deliveroo, the business which originally started with founder Will Shu riding around London to drop off food, has just announced a whopping $275m Series E round.
Led by new investor Bridgepoint, the round also involved existing investors DST Global, General Catalyst, and Greenoaks Capital.
Launched just three years ago by Growing Business Young Guns Shu and Greg Orlowski (who has since exited the business), Deliveroo’s fast-growth delivery service has attracted a number of high-profile restaurant chains including Gourmet Burger Kitchen, Nando’s, and Carluccio’s and now operates in over 35 UK cities and 40 cities internationally.
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In November last year, Deliveroo raised a $100m Series D round to support launches in Dubai, Hong Kong and Australia and it’s anticipated that it will use this latest investment – said to take its valuation to over $1bn – to take on competition from Uber’s latest offering Uber Eats.
It will also be expanding its service to cover breakfast, lunch, corporate ordering, and alcohol deliveries; having just last month announced its alcohol-on-demand service with BrewDog.
On its latest funding, Shu said:
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“After seeing strong growth in the markets we launched in November, our new focus is to drive further innovation in food delivery. In particular, I’m excited about exploring completely new ways to solve the hardest problems restaurants face when offering delivery.
“We’re proud and honoured to have the support of Bridgepoint, DST Global and General Catalyst in this endeavour.”