FRANKFURT Nov 24 Deliveroo has raised yet another $ 100 million in venture financing, its third investment round this year, as it swiftly seeks to expand its high-end restaurant takeaway order company to Asia, the business stated on Tuesday.
London-based Deliveroo is hunting to distinguish itself in the crowded market place for on-line meals delivery solutions, globally one of the hottest markets for start-up investment with dozens of funding rounds this year.
The company delivers regional meals delivery solutions for sit-down restaurants which never typically offer you takeaway possibilities themselves. Orders carry a fixed fee of 2.50 pounds per order and it promises 30-minute wait occasions. Establishments served variety from Michelin-starred restaurants to higher street eateries.
Its closest competitors variety from Just-Consume which listed in London final year, Delivery Hero and Rocket Internet’s International Online Takeaway Group, both of Germany. All concentrate on the mass market place takeaway company, unlike Deliveroo.
The newest round of $ one hundred million was led by DST Global, the investment automobile of Silicon Valley-primarily based Russian World wide web financier Yuri Milner who backed Facebook, Twitter and Alibaba, and emerging markets e-commerce investor Greenoaks Capital, it stated. Shu declined to comment on the valuation of the most current funding round.
Founded two years ago and active in eight European markets so far, Deliveroo is opening up in 5 main cities in Australia, Hong Kong and Singapore this week.
“What we look for is population density, affluence and restaurant provide,” stated Co-founder and Chief Executive William Shu, a former Morgan Stanley banker turned entrepreneur, of criteria utilised to enter new cities.
The business, which only entered Brighton, its second city in Britain in January, has now expanded quickly into 30 UK cities. Globally, it works with a lot more than 5,000 restaurants so far, Shu stated.
The business, with 300 employees, relies on a network of 2,500 Deliveroo-jacketed contractors to transport meal orders by means of automobile or bicycle.
Deliveroo also took $ 70 million in July and $ 25 million and in January. Existing investors Accel, Index Ventures and Hummingbird Ventures joined the new, so-named Series D round. (Reporting by Eric Auchard Editing by Dominic Evans)