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Meal delivery service Deliveroo has raised more than $180 million in Series H funding from existing investors.
The round – which values Deliveroo at over $7 billion – was led by Fidelity Management and Research Company, and Durable Capital Partners.
The investment comes ahead of a potential initial public offering, which would mark the biggest new share issue in London for three years, according to Reuters.
Deliveroo says that it will use the funds raised in its latest financing round to continue to invest in the company’s growth and in enhancements to its services for restaurants, riders and consumers.
Examples of areas in which the new capital will be used include: expanding the company’s Editions delivery-only kitchen sites globally; extending Deliveroo’s Plus subscription service; and expanding on-demand grocery services.
Will Shu, founder and CEO of Deliveroo, said: "This investment will help us to continue to innovate, developing new tech tools to support restaurants, to provide riders with more work and to extend choice for customers, bringing them the food they love from more restaurants than ever before. We are really pleased our shareholders see the opportunity and growth potential ahead of us.”
Henry Ellenbogen, managing partner and chief investment officer at Durable Capital Partners, added: "I have been impressed with the team's ability to spot opportunities, innovate and adapt to changes in the market.
"The online food delivery market is nascent and underpenetrated. We believe Deliveroo has the potential to become a much bigger company over time."
