Deliveroo raises $70m in funding for global expansion

Deliveroo, the on-demand delivery service for restaurants, has raised $70m from investment funds Greenoaks Capital and Index Ventures as the firm looks to ramp up international expansion.

The funding, which also involved existing investors Accel and Hoxton Ventures, follows on from $25m raised in January and comes amid a strong growth. Since the turn of the year, the business has grown daily orders by 500% and partnered with its first Michelin-starred restaurant, Trishna, in London.

The company now boasts over 2,000 restaurants delivering food via its platform including Gourmet Burger Kitchen, MEATLiquor and Wagamama.

It has also launched its service in France, Germany and Ireland and increased its UK reach to 18 towns and cities.

William Shu, co-founder and chief executive at Deliveroo, said: "We've seen huge demand for our service from customers and restaurant partners alike. We're committed to building our team of passionate drivers, offering restaurants a new revenue stream and helping more customers around the world discover and enjoy great local food with an unparalleled level of convenience."

Deliveroo will use the new funding to expand into new markets in Europe, the Middle East and Asia, while continuing to grow in existing markets.