Less Ads, More Data, More Tools Register for FREE

UK's Deliveroo raises $180 mln from investors, valued at $7 bln

Sun, 17th Jan 2021 00:01

LONDON, Jan 17 (Reuters) - British food-delivery company
Deliveroo said on Sunday it had raised a further $180 million
from existing investors, including minority shareholder Amazon
, in a move that values the business at more than $7
billion.

Deliveroo is set to hold an initial public offering in the
coming months, in what would be the biggest new share issue in
London for three years.

"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,"
Deliveroo founder and chief executive Will Shu said.

Britain's competition regulator approved Amazon's May 2019
purchase of a 16% stake in Deliveroo in August, overruling
objections from local competitors Just Eat Takeaway
and Domino's Pizza.

The internet giant's stake is not expected to increase as a
result of its participation in the latest round of fundraising,
which was led by U.S. investors Durable Capital Partners and
Fidelity Management & Research.

Deliveroo operates across 12 countries, mostly in western
Europe but also in Australia, Hong Kong, Singapore and the
United Arab Emirates. It did not state how much each investor
had contributed in the latest funding round.

The company said it would spend the $180 million on
expanding delivery-only kitchen sites, on-demand grocery
deliveries and subscription services, as well as allowing more
restaurants to take orders from via own websites.
(Reporting by David Milliken
Editing by Clelia Oziel)

Related Shares

More News

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

2 Mar 21 16:01

EXECUTIVE CHANGES: Celtic Manager Resigns; Entain Adds Two Directors

EXECUTIVE CHANGES: Celtic Manager Resigns; Entain Adds Two Directors

24 Feb 21 15:22

Domino's Pizza Names Homeserve Director Stella David As Non-Executive

Domino's Pizza Names Homeserve Director Stella David As Non-Executive

23 Feb 21 09:26

BROKER RATINGS: GlaxoSmithKline Gets Two Downgrades; Prudential Raised

BROKER RATINGS: GlaxoSmithKline Gets Two Downgrades; Prudential Raised

4 Feb 21 09:27

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.