London-headquartered Deliveroo has raised $575 million in its latest financing round (Series G) led by Amazon, the startup announced today. The Series G is also joined by company’s existing investors including T. Rowe Price, Fidelity Management and Research Company, and Greenoaks, taking Deliveroo’s total investment raised to date to $1.53 billion.
The company that was founded almost seven years ago has been in the region since late 2015 when it expanded to UAE by launching in Dubai. Deliveroo later launched in Abu Dhabi as well and recently expanded to Kuwait by launching with 900 restaurants. The startup competes with the likes of Delivery Hero which owns and runs different food delivery brands in these two markets and Uber Eats (in UAE).
Deliveroo plans to use the investment to grow its engineering team in London and expand its delivery reach. The startup also plans to use the investment to continue working on ‘new innovations’ including its delivery-only super kitchens ‘Editions’ and development of new products.
Will Shu, Founder & CEO of Deliveroo, said, “This new investment will help Deliveroo to grow and to offer customers even more choice, tailored to their personal tastes, offer restaurants greater opportunities to grow and expand their businesses, and to create more flexible, well-paid work for riders. Amazon has been an inspiration to me personally and to the company, and we look forward to working with such a customer-obsessed organization.”
“This is great news for the tech and restaurant sectors, and it will help to create jobs in all of the countries in which we operate,” he added.
- Rush Brush witnesses increased consumer demand during pandemic - September 21, 2020
- Saudi angel groups Riyadh Angels and Najd Angels announce merger - September 14, 2020
- Kuwait’s Boutiqaat looking to raise fresh funds at a valuation of up to $1 billion: report - June 25, 2020