Deliveroo, the UK-based food delivery company, has raised $180 million in fresh capital, bringing its valuation to over $7 billion [1]. The new round was led by two of Deliveroo’s existing backers, Durable Capital Partners and Fidelity Management & Research Company. This latest funding round comes as Deliveroo prepares to go public with a valuation of around $7 billion.
The Partnership with Durable Capital Partners and Fidelity Management & Research Company
One of the key partners in this expansion is Durable Capital Partners, a leading investment firm that has committed $7 billion to support Deliveroo’s growth [3]. The partnership with Durable Capital Partners and Fidelity Management & Research Company is significant for Deliveroo as it provides the company with the necessary capital to continue expanding its operations globally, with a focus on Europe and Asia [5].
The Impact of COVID-19 on Deliveroo’s Business
The COVID-19 pandemic has had a significant impact on the food delivery industry, with many people turning to food delivery services as a way to avoid going out in public. Deliveroo has seen a surge in demand for its services since the pandemic began, with the company reporting a 115% increase in orders during the first half of 2020 [1]. This increase in demand has led to a need for additional capital to support the company’s growth.
The Future of Deliveroo
Deliveroo’s partnership with Durable Capital Partners and Fidelity Management & Research Company provides the company with the necessary capital to continue expanding its operations globally. The company plans to use the funds to invest in new technology and expand its delivery network [2]. With a valuation of over $7 billion, Deliveroo is well-positioned to continue growing its business and competing with other food delivery companies in the market.
Conclusion
Deliveroo’s recent funding round and partnership with Durable Capital Partners and Fidelity Management & Research Company is significant for the company’s future growth. The additional capital will allow Deliveroo to continue expanding its operations globally and investing in new technology. As the food delivery industry continues to grow, Deliveroo’s position as a leading player in the market is solidified.