European meals supply firm Deliveroo has raised a whopping $385 million at a valuation of greater than $2 billion, in accordance with an announcement issued by the corporate this morning.
Deliveroo had beforehand raised round $475 million, the latest tranche coming via a $275 million series E round final August. With one other $385 million within the financial institution, the corporate mentioned that it’s going to make investments throughout three “priority growth areas,” particularly, boosting its kitchens-only Editions program that launched in London again in April; increasing its know-how staff, together with investments throughout synthetic intelligence (AI) systems; and launching in new markets.
“I remember how excited I was carrying out our first delivery,” famous cofounder and CEO Will Shu. “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.”
Based out of London in 2013 by Will Shu and Greg Orlowski, Deliveroo differs from the likes of GrubHub and Simply Eat in that it focuses on the “premium” finish of the culinary spectrum, and most of the eateries on board haven’t historically provided takeaway or meals supply companies. The corporate additionally gives all of the transport and ordering infrastructure, providing its personal drivers and cyclists for eating places to make use of.
Earlier this yr, Deliveroo launched a new platform for restaurants to open delivery-only kitchens, and shortly afterward the corporate made its first-ever acquisition when it snapped up Manhattan-based Maple, a startup that ready and delivered meals with out utilizing eating places.
Deliveroo is now available in additional than 150 cities, and though most of these are in Europe, the corporate has additionally launched in Australia, Hong Kong, Singapore, and the United Arab Emirates (UAE).
The funding announcement comes as Deliveroo reported a 611 percent growth in revenues in 2016, although its aggressive enlargement has additionally led to a rise in bills, with losses rising from £30.1 million ($40 million) to £129.1 million ($174 million) final yr.
Deliveroo’s funding spherical was led by “funds and accounts” suggested by asset management firms T. Rowe Worth Associates and Constancy Administration & Analysis Firm. Current traders additionally contributed to the spherical, together with DST World, Common Catalyst, Index Ventures, and Accel Companions.