London's Deliveroo sealed $70M funds to develop its food delivery service in Europe, Middle East and Asia
Deliveroo, the startup food delivery company in London has gained investment from Index Ventures and Greenoaks Capital for its third round in the past 12 months. The food delivery service has just sealed $70M, equivalent to £45M funds, to support its plan to enter international services.
The fund is backed by Greenoaks Capital, a worldwide internet investment firm known to fund Maple, a food delivery in New York, and Index Ventures, a Europe-San Francisco based venture capital organization that sponsored Skype, Facebook, Etsy, King and Just Eat. Accel and Hoxton Ventures, which supplied $25M funding last January, raise their stakes as well, as reported by the Financial Times.
Deliveroo collaborates to their partner restaurants to set up their menu online, and then they provide tablets and bluetooth printers for online transactions. Deliveroo supervises the ordering, wrapping of food and deliveries.
The small office based business was founded in 2013 by William Shu and Greg Orlowski. Their LinkedIn profiles stated that Shu is a former vice president on ESO Capital and Orlowski is a software developer.
Through the website or the Deliveroo app (for iPhone users in the UK only), users can order meals for over 2000 high-class restaurants charging customers a small amount of £2.50, detailed on the Venture Beat.
CEO Shu said in a statement from Index Ventures, "We're committed to building our team of passionate drivers, offering restaurants a new revenue stream and helping more customers around the world discover and enjoy great local food with an unparalleled level of convenience."
Deliveroo's partner restaurants in London include Trishna; a Michelin star Indian restaurant in Blandford Street, Barnyard; a health focused eatery owned by Chef Ollie Dabbous, Wagamama; an Asian restaurant, Busaba Eathai; a Thai bistro and Dirty Burger in Highgate Road.
The food delivery has extended its service to Paris, Berlin, Munich and Dublin alongside its 18 locations locally.
The $70M fund will be used to build up its market in Europe, Middle East and Asia. Shu added, "Although we've grown rapidly since inception, we're extremely excited to be entering into the next phase of our ambitious expansion strategy".
With Deliveroo's impressive growth in the food delivery industry, Shu is confident that food is one of the most secure business in spite of the rising competition.