This week, Deliveroo, a food delivery startup, was named as the fastest growing tech company in the United Kingdom by Deloitte’s annual Fast 50, and the firm is obviously hungry for more expansion.
The company has raised an additional $98m (£75m) to close its Series F funding round, taking the total amount raised to $482m.
Next week, Deliveroo will be running in two hundred (200) cities globally as it starts serving customers in Cannes, France on Tuesday.
The latest funding round was led by Fidelity Management and Research company and T. Rowe Price Associates, the investment managers who have backed tech giants previously including Tesla and Facebook.
Existing investors General Catalyst, DST Global, Accel Partners, and Index Ventures also contributed with follow-on investments. Additional funding were provided by private investors.
Yesterday, Deliveroo, which now has a valuation exceeding $2bn, was crowned as the fastest growing tech company in the United Kingdom, recording a growth rate of 107,117 percent over the last four years.
The firm has outlined three (3) priority areas of growth, which includes expanding its programme of delivery-only kitchens that allows partner restaurants to grow without the traditional upfront costs. It also aims to bolster its tech team and is plotting “rapid expansion” into new cities, towns, and countries.
The Deliveroo founder and chief executive, Will Shu, stated: “The next exciting phase of the UK restaurant industry will see more power being handed to the consumer, with restaurants better able to cater for consumers’ needs because they have richer data to work with. 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 UK economy as it will help to create work in restaurants as well as well-paid, flexible work for our riders.”
It caps off a week of good news for the startup, after also winning in an employment tribunal on Tuesday, to confirm that its riders were deemed self-employed and not automatically entitled to rights of workers such as holiday pay.
The Central Arbitration Committee discovered that the riders were self-employed because of their ability to substitute, where other riders of Deliveroo can take their place for a particular job.