Technology company Deliveroo today announced that it has raised $385 million of new funding. This values the company at over $2 billion dollars – making it the fastest growing UK tech company and one of Europe’s biggest tech success stories.
The funding is led by funds and accounts advised by T. Rowe Price Associates, Inc. and Fidelity Management & Research Company, investment managers who have previously backed global technology companies including Facebook, AirBnB and Tesla. Existing investors DST Global, General Catalyst, Index Ventures, and Accel Partners are also making follow-on investments, increasing their positions in the company.
This new funding will allow Deliveroo to invest heavily in enabling more people to order great local restaurant food – quickly – to their front door. The company has three priority growth areas in which it will focus investment:
First, rapid growth in Deliveroo’s Editions programme of delivery-only kitchens which allows partner restaurants to expand without any of the traditional upfront costs, whilst increasing food selection for customers and optimising delivery times.
Second, growth of its technology team, who will focus on continuing to make improvements to Deliveroo’s world-leading real-time logistics algorithm and artificial intelligence systems while improving riders’ working experience and continuing to develop Deliveroo’s products for restaurants and consumers.
Third, rapid expansion into new towns, cities and countries. This will allow more people to order great food quickly to their door from their favourite local restaurants.