Food delivery services have become big business over the last few years, made even more so by COVID-19. How did we ever manage to feed ourselves before?
On Sunday, Deliveroo announced they had successfully raised $180m in a round of funding with existing investors. The funding round, led by current shareholders Durable Capital Partners and Fidelity Management & Research Company, valued Deliveroo at $7b. Now, the company is hungry for a stock market listing. No official date was set for the IPO, but analysts expect it to take place around April of this year.
Deliveroo currently delivers meals to hungry people in 800 cities across 12 different countries, including the MENA region, and has even become a commonly used verb – who meal preps over “deliverooing” these days anyway?
Deliveroo has worked hard to innovate in order to survive in an increasingly competitive space, an important characteristic for any investor. For example, last year the company launched an on-demand grocery delivery service in the UAE. The company wants to use its new capital to bring this service to other markets as well as expand on its “Plus” subscription service.