The UK's fastest growing tech company has just raised another $100m

 
Rebecca Smith
Deliveroo has recorded explosive growth
Deliveroo has recorded explosive growth (Source: Getty)

Food delivery startup Deliveroo was named the UK's fastest growing tech company in the UK by Deloitte's annual Fast 50 this week, and the firm is evidently hungry for more expansion.

It has raised a further $98m (£75m) to close its Series F funding round, taking the total raised to $482m.

Next week, Deliveroo will be operating in 200 cities globally as it begins serving customers in Cannes, France on Tuesday.

Read more: Meet the fifty fastest growing tech firms in the UK

The latest funding round was led by investment managers T. Rowe Price Associates and Fidelity Management and Research company, which have previously backed tech giants including Facebook and Tesla.

Existing investors DST Global, General Catalyst, Index Ventures, and Accel Partners also contributed with follow-on investments. Further funding was provided by private investors.

Yesterday, Deliveroo, which now has a valuation topping $2bn, was crowned the fastest growing tech company in the UK, recording a growth rate of 107,117 per cent over the past four years.

The firm has outlined three priority areas of growth, including expanding its programme of delivery-only kitchens allowing partner restaurants to grow without the traditional upfront costs. It also plans to bolster its tech team, and is plotting "rapid expansion" into new towns, cities and countries.

Will Shu, Deliveroo founder and chief executive, said:

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 tops off a week of good news for the firm, after also succeeding in an employment tribunal on Tuesday, to confirm its riders were deemed self-employed and not automatically entitled to workers' rights such as holiday pay.

The Central Arbitration Committee found the riders were self-employed due to their ability to substitute, where other Deliveroo riders can take their place for a job.

Read more: Deliveroo wins case confirming delivery riders are not workers

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