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Deliveroo completes US$180mln funding round pushing market cap to £5bn

The proceeds will be used to boost the current offering and support restaurants and riders

Amazon.com, Inc. - Deliveroo completes US$180mln funding round pushing market cap to £5bn

Deliveroo announced it has completed a funding round raising over US$180mln, which values the food delivery service at US$7bn (£5bn).

The firm, which is planning to debut on the London Stock Exchange later this year, said the money was raised from existing investors and the cash call was led by Durable Capital Partners and Fidelity Investments.

READ: Deliveroo hires four investment banks in preparation for IPO

The proceeds will be used to further drive growth and enhancements to Deliveroo’s services, such as working with more partners to expand delivery-only kitchens, boost on-demand grocery, extending the Plus subscription service to new geographies, allowing restaurants to receive orders through their own websites to boost sales and supporting riders.

Deliveroo, which counts ecommerce giant Amazon.com Inc (NASDAQ:AMZN) among its backers, has been steadily inching its way towards an IPO as it looks to tap the market for funds to pursue an expansion strategy and battle its main rivals Uber Eats and Just Eat Takeaway.com NV (LON:JET).

The app currently boasts around 45,000 restaurants on its platform and recently unveiled plans to expand into 100 more towns and cities across the UK in 2021.

READ: Just Eat Takeaway fighting to stand still in battle with Deliveroo and Uber Eats

Takeaway delivery firms like Deliveroo, Uber Eats, Just Eat Takeaway.com and GrubHub have seen a boom in business over 2020 as lockdown restrictions forced restaurants to close their doors and left most proprietors relying on takeaway orders to stay afloat.

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