Deliveroo raises $98M in Series F funding round

London based online food delivery startup Deliveroo has raised an additional $98 million in Series F funding round, bringing the total valuation to $482 million. The round was led by T. Rowe Price Associates and Fidelity Management & Research Company. In addition, top-shelf investors like DST Global, General Catalyst, Index Ventures, and Accel Partners along with unnamed, private investors also participated in the funding process.

The news comes as Deliveroo, now valued at over $2 billion, gears up to operate in 200 cities across the globe as of next week. Will Shu, founder, and CEO of Deliveroo said, "This new investment will help Deliveroo to expand in the UK and around the world, bringing ever more great food directly to people’s doors. This is all thanks to the hard work of our riders, the great restaurants that we work with and our brilliant customers."

The funds will be used in part to invest in a programme for “delivery-only kitchens”, that help restaurants expand without upfront costs in an effort to increase food selection and improve delivery times. Investments will also be made to its tech team – further developing its logistics algorithm and artificial intelligence systems, as well as into further expansion into new markets.

The company said, "Deliveroo will provide more well-paid and flexible work for riders and will help to generate substantial extra revenues for its restaurant partners. Through its expansion, Deliveroo is helping to keep great local restaurants in business in high streets across the UK."