Deliveroo is rolling out a new £50 million Communities Fund to give more aid to local communities where the company operates, along with restaurant partners and riders, a press release says.
The fund would go into effect after a potential future IPO.
The investment is pledged over five years and will recognize “how important customers, riders and restaurants have been to the company’s growth to date, and how important they will continue to be as Deliveroo aims to become the definitive online food company,” according to the release.
For communities, the fund will support “disadvantaged or vulnerable groups” and will deliver meals to those in need. The company plans to work with partners and will also include delivering meals to frontline public sector workers.
For restaurant partners, the fund will support restaurants through things like grants or investments to help them adapt to the new COVID-19 standards for now as they reopen, including new outdoor seating or maintaining indoor dining through innovations, or through investing in marketing and promotions to boost restaurant sales.
And for riders, the fund will go toward rewards for those who have contributed the most, based on consultation on what matters to them, like investing in new electric bikes and motorcycles which could make it more affordable for riders to get e-vehicles, the release says.
“Customers, restaurants and riders are at the heart of their local communities,” Will Shu, founder and CEO, said, according to the release. “And that’s what we care about too. Being recognizable in the community isn’t enough. Being part of local communities is what matters. That’s why we are making this announcement today. We want to support the initiatives that matter most to our restaurants and riders.”
The aforementioned IPO could be for as much as $10 billion. The IPO is planned to be in a time-limited, dual-class structure, which would let Shu keep control.
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