British online food delivery company Deliveroo has raised $385 million of new funding. This values the company at over $2 billion, 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.
“I remember how excited I was carrying out our first delivery. I hoped that people would love being able to order great food from their favourite 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. This is all thanks to the hard work of our riders, the great restaurants that we work with and our brilliant customers,” says Will Shu, founder and CEO, Deliveroo
“I am extremely pleased that our new investors share this vision and have decided to make such a significant investment in our future. With this funding we will invest further in our delivery-only kitchens Editions, in developing our technology and in taking Deliveroo to more towns and cities. This investment will take us to the next level and allow our riders to deliver ever more great food directly to people’s doors,” he adds.
“Deliveroo has built an impressive service that is providing fast delivery of high quality food in over 150 cities across the world. We believe they have a world-class team, strong technology capabilities and the right business model. We are excited to see this capital put to use to build out their Editions concept and expand their geographic footprint,” adds Henry Ellenbogen, portfolio manager at T. Rowe Price New Horizons Fund.
“Deliveroo is a global innovation leader in technology, logistics and food,” states Tom Stafford, managing partner at DST Global. “We are excited to continue our partnership with Will and the team at Deliveroo as they build the future of food delivery.”
“Deliveroo is already proving extremely popular in Dubai and the UAE and this new funding will allow us to improve our service through ever better technology and more customer choice once we launch Editions here in the UAE. Its great news for restaurants too who will be able to access new customers via Editions, and it means more work for more riders too,” stresses Anis Harb, general manager, Deliveroo GCC.
The first two days of the 25th edition of Beautyworld Middle EastOctober 6, 2021 | By RetailME Bureau
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
The Ministry of Human Resources and Social Development in Saudi Arabia has
Extravagant, conceptual, great food and views are some of the ways that
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
The once powerful department stores that anchored malls and streets around the
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
A private helicopter carrying the chairman and managing director of Lulu Group,
Retailers in the Middle East are making strides in their multichannel offerings,
Tighter restrictions on hotels, restaurants, shopping malls and entertainment venues on account of
All hotels and restaurants have been directed to temporarily hold entertainment activities
The new Dubai Gold Souk is “very much on track”, according to
Gone are the days of traditional brick-and-mortar as well as purely e-commerce