Deliveroo raises US$385 million in funding, eyes new markets

Deliveroo has raised US$385 million in new funding, bringing the value of the company to more than US$2 billion. The funding will enable Deliveroo to rapidly grow its Editions programme of delivery-only kitchens, which allows partner restaurants to expand without any traditional upfront costs. This is while increasing food selections for consumers and optimising delivery times.Additionally, Deliveroo will be able to grow its technology team, which will continue to focus on improving Deliveroo's real-time logistics algorithm and artificial intelligence systems, while improving riders' working experience. The team will also continue to develop the company's products for restaurants and consumers. It will also use the funding for expansion into new countries, cities and towns.Deliveroo declined to comment on how the funds will be used in Asia Pacific.“I remember how excited I was carrying out our first delivery. I hoped that people would love being able to order great food from their favourite local restaurants straight to their front door. I am proud that just four years on, millions of people use Deliveroo in over 150 cities around the world," Will Shu, founder and CEO of Deliveroo, said."This is all thanks to the hard work of our riders, the great restaurants that we work with and our brilliant customers. So I am extremely pleased that our new investors share this vision and have decided to make such a significant investment in our future," Shu added.The funding was led and advised by T. Rowe Price Associates, Inc. and Fidelity Management & Research Company. Existing investors DST Global, General Catalyst, Index Ventures, and Accel Partners are also making follow-on investments.