Deliveroo closes $70m Series C round
On-demand delivery service Deliveroo has closed a $70m Series C investment round led by Greenoaks Capital and Index Ventures, with participation from existing investors Accel and Hoxton Ventures.
The investment will be used to accelerate Deliveroo’s international expansion and continue to strengthen Deliveroo’s position as the leading player in this space.
Launched in 2013, Deliveroo is focused on providing the ultimate food delivery experience. While the majority of food delivery businesses are online marketplaces for takeaway restaurants, some of which have their own drivers, Deliveroo unlocks new choices by partnering with high-quality restaurants that typically don’t offer delivery.
The Series C follows on quickly from a $25m Series B raised in January of this year. Since then, the business has grown daily orders by 500% and partnered with its first Michelin-starred restaurant, Trishna, in London.
It has also launched its service in France, Germany and Ireland and increased its UK reach to 18 towns and cities across the country.
As part of the investment, Greenoaks Capital’s Benny Peretz joins the board.
He said: “The team at Deliveroo is fanatical about delivering great food. They’ve assembled an extensive network of delicious restaurants and matched it with innovative engineering, data science, and logistics capabilities to provide unparalleled food quality and rapid delivery times.
“Deliveroo has built a truly seamless and delightful dining experience. It’s rare to see a company so loved by its restaurants and customers.”
Martin Mignot, an investor at Index Ventures, added: “We’ve had the chance to see Will and his team operate for the past 18 months, and we’ve been blown away by how quickly they’ve managed to grow the business, both in London and outside, while maintaining a consistent user experience and delivery time.
“Their product has really struck a chord with customers, and we’re delighted to have the opportunity to invest again, for the third time, and keep on increasing our support to the company as it expands internationally.”
The Deliveroo app, released in the UK earlier this month, topped the App Store’s food and drink chart and was named Best New App and Editor’s Choice in a matter of days.