Deliveroo Secures $180m Funding from Durable Capital
Deliveroo, the Amazon-backed online food delivery company, has recently announced that it has secured over $180m in a funding round led by Durable Capital Partners LP and Fidelity Management & Research Company LLC. The funding round, known as Series H, has valued the company at more than $7bn . This comes ahead of the company’s plans to go public later this year.
The food delivery industry has seen a significant surge in demand due to the COVID-19 pandemic, with many people opting to order food online instead of dining out. Deliveroo has been one of the companies that have benefited from this trend, with its revenue increasing by 54% in 2020 . The recent funding round will help Deliveroo to expand its operations and continue to meet the growing demand for its services.
Deliveroo has been expanding its operations globally, with the company currently operating in 12 countries across Europe, Asia, and the Middle East. The recent funding round will enable the company to further expand its operations and enter new markets. The company has also been investing in technology to improve its delivery services, with plans to introduce drone deliveries in the future .
Competition in the Food Delivery Industry
The food delivery industry is highly competitive, with many players vying for market share. Deliveroo faces stiff competition from other food delivery companies such as Uber Eats and Just Eat Takeaway. However, Deliveroo has been able to differentiate itself from its competitors by offering a premium service that includes high-quality food and fast delivery times .
The Impact of the Funding Round
The recent funding round is a significant milestone for Deliveroo, as it prepares to go public later this year. The company’s valuation has increased significantly since its last funding round in 2019, when it was valued at between $3bn and $4bn . The funding round also demonstrates the confidence that investors have in Deliveroo’s business model and growth prospects.
Deliveroo’s recent funding round of $180m led by Durable Capital Partners and Fidelity Management is a significant milestone for the company. The funding will enable Deliveroo to expand its operations and continue to meet the growing demand for its services. The food delivery industry is highly competitive, but Deliveroo has been able to differentiate itself from its competitors by offering a premium service. The recent funding round demonstrates the confidence that investors have in Deliveroo’s business model and growth prospects.