Deliveroo set for expansion after raising $275m investment
Online food order and delivery service Deliveroo has raised $275 million (£200m) in a new round of investments.
The company raised the funding from two existing and two new investors.
The latest round of investment was led by private equity group Bridgepoint, and included US venture capital firm Capital General Catalyst and existing investors DST Global and Greenoaks.
The new funds will be used to expand the service in both new and existing markets, as well as provide further investment in projects such as RooBox, a pioneering remote kitchen initiative.
RooBox gives restaurants access to delivery-only kitchens in key locations, accelerating geographic expansion.
Since the last round of investment in November, Deliveroo has achieved over 400 per cent growth and reached profitability in a number of its established markets.
It has also launched in 29 new cities, added an additional 9,000 new restaurant partners, and created opportunities for 6,500 riders, all while continuing to improve its already strong customer retention rates and maintaining a 30 minute average delivery time.
The company has also hit key milestones such as expanding its service to cover breakfast, express lunch, alcohol and corporate ordering, and striking deals with major partners such as PizzaExpress.
Will Shu, CEO of Deliveroo, said: “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.
“RooBox is the first illustration of this approach, and innovations like these are at the heart of our mission.”
Deliveroo was founded in 2013 by Will Shu and Greg Orlowski. The company is headquartered in London and operates in 84 cities across 12 countries.Tuesday, 9th August, 2016