Deliveroo has been valued at more than seven billion dollars (£5.1 billion) following a new funding round and ahead of a potential stock market flotation.
The takeaway delivery firm raised more than 180 million dollars (£132 million) from existing investors in a round led by Durable Capital Partners and Fidelity Management & Research Company.
The latest funding comes after the company announced plans to expand into around 100 new towns and cities across the UK in 2021.
In 2020, Deliveroo, which has been touted to float on the stock market later this year, saw thousands more businesses sign up to its delivery services as the hospitality sector was hit by coronavirus restrictions.
Demand for takeaway food as also surged over the past year as the public were stuck at home amid Covid-19 lockdowns.
Deliveroo, which currently operates in more than 200 locations, has also developed its partnerships with grocery retailers, such as Aldi, Morrisons, Sainsbury’s and Waitrose.
The company said the new funding would contribute to expanding its Editions delivery-only kitchen sites worldwide and its on demand grocery service.
It also plans to extend its Plus subscription service to “new geographies” and offer its Signature service to restaurants, which enables customers to order for delivery via businesses’ own websites.
The company said “new initiatives” would support its delivery riders.
Will Shu, Deliveroo’s founder and CEO, said: “At Deliveroo we are always focused on developing the best proposition for consumers, riders and restaurants.
“This investment will help us to continue to innovate, developing new tech tools to support restaurants, to provide riders with more work and to extend choice for customers, bringing them the food they love from more restaurants than ever before.
“We are really pleased our shareholders see the opportunity and growth potential ahead of us.”