British takeaway start-up Deliveroo is planning international expansion following a $70m funding round that has tripled the company’s value.
The London-based firm, which partners with restaurants across Europe to allow them to set up a delivery service, is now thought to be worth $315m, according to Financial Times sources.
The service is noted for its "hyperlocal" approach and focus on posher restaurants, using several hundred cyclists to carry the food to any location in the cities served.
William Shu, chief executive of Deliveroo, said: "We’ve seen huge demand for our service from customers and restaurant partners alike.
"Although we’ve grown rapidly since inception, we’re extremely excited to be entering into the next phase of our ambitious expansion strategy."
Led by Index Ventures and Greenoaks Capital, the funding round is only the third in the company’s three year history, and brings the total investment in the firm to just shy of $100m.
The money will bring Deliveroo closer to competing with the likes of Just Eat, Delivery Hero, Logneat and Appetise.
"We’ve had the chance to see Will and his team operate for the past 18 months and we’ve been blown away by how quickly they’ve managed to grow the business, both in London and outside, while maintaining a consistent user experience and delivery time," said Martin Mignot, an investor at Index Ventures.
"Their product has really struck a chord with customers and we’re delighted to have the opportunity to invest again, for the third time, and keep on increasing our support to the company as it expands internationally."
Money from the funding will be used to expand the company further in Europe and into the Middle East and Asia, Deliveroo having already rolled out in almost 20 towns in the UK as well as Paris, Berlin and Dublin.
Cash will also be used to improve technology, operations and marketing, and as part of the round Greenoaks Capital’s Benny Peretz, co-founder of the mobile gaming company PennyPop, will join Deliveroo’s board.