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Technology has gradually seeped into the food industry and has revolutionised the entire segment starting from production to delivery. Europe has numerous food tech startups and some of them have achieved the status of unicorns. One such unicorn is UK-based food delivery giant Deliveroo, which is witnessing rapid growth.
Raised whopping €515M funding
In a recent development, Deliveroo has raised a whopping Series G funding of $575 million (nearly €515 million). This funding round was led by Amazon along with participation from existing investors Fidelity Management and Research Company, T. Rowe Price and Greenoaks.
Notably, this is the third mega funding round raised in Europe in a week with the others being GetYourGuide and Greensill that have raised €433 million and €716 million, both led by Softbank. Besides, taking the overall funding secured by Deliveroo to €1.4 billion, Amazon becomes the largest investor in the delivery giant.
Build world-class service
With the raised funding, the food delivery giant will continue to focus on building a world-class service that will deliver the food they want whenever and wherever required, offering more work for its riders and helping restaurants reach new customers. The company will use the new investment to grow its team in London, expand delivery reach to offer services to new customers and bring about innovation in the food tech industry.
Also, Deliveroo will develop new products for customers to create a more personalised experience and new tools to pay rider well and offer flexibility. For instance, the delivery-only super kitchens called Editions and new products are meant to offer increased support for restaurants and personalised experience to customers.
Uses machine learning for better service
Deliveroo uses machine learning algorithms to determine the time taken to prepare a meal and optimise routes. Eventually, it cuts down the delivery time by up to 20%. And, in turn, allows riders to complete more deliveries per hour and get better earnings. Also, restaurants make higher sales and profit.
Deliveroo achieves 650% growth
Deliveroo founded in 2013 by William Shu and Greg Orlowski is an award-winning delivery service. The company works with over 80,000 restaurants and takeaways and 60,000 riders. Deliveroo has witnessed over 650% growth in revenue on a yearly basis and has been teaming up with restaurants that benefit over 30% increased revenue. This has resulted in many job vacancies in the hotel industry.
Exists in 14 global markets
With its headquarters in London, this company has over 2,500 employees across the world. It operates in 500 cities and towns across 14 countries including Belgium, France, Italy, Germany, the Netherlands, Ireland, Spain, the UK, Kuwait, UAE, Taiwan, Singapore, Hong Kong and Australia.
Stay tuned to Silicon Canals for more updates in the tech startup world.
Also read,
Meet the three innovative European startups that have been honoured with the Future Hamburg Award
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