Deliveroo Raises $98M For Global Expansion

Deliveroo, the U.K. food delivery startup, has landed $98 million in fresh venture funding led by T. Rowe Price Associates and Fidelity Management & Research Company.

With the new round of funding, the company, which closed on a Series F round at the end of September for $385 million, has a valuation of $2 billion, reported TechCrunch. All told, Deliveroo has raised $480 million in venture funding.

Other investors in the latest fundraising round included DST Global, General Catalyst, Index Ventures and Accel Partners, as well as private investors who were kept anonymous. The money comes as Deliveroo is in expansion mode, gearing up this week to hit the 200-city mark with the launch of service in Cannes, France. The funding is being used to expand into even more cities around the world.

“This new investment will help Deliveroo to expand in the U.K. and around the world, bringing even more great food directly to people’s doors. This is all thanks to the hard work of our riders, the great restaurants that we work with and our brilliant customers,” Will Shu, co-founder and CEO of Deliveroo, said in a statement. “This investment will help to accelerate this process, bringing more people more choice, healthier options and new food. As our technology improves, deliveries will become faster and our selection on offer will become more varied. This is great news for the U.K. economy, as it will help to create work in restaurants as well as well-paid, flexible work for our riders.”

The new round of funding isn’t the only positive for the delivery company in recent days. The company also won a favorable ruling from the Central Arbitration Committee in the U.K. after a union sued, calling for delivery drivers to be treated as full-time employees instead of contract workers. They wanted the benefits and days off that are afforded to full-time employees.