Fundraising was led by existing shareholders Durable Capital Partners and Fidelity Management & Research

Deliveroo has raised more than $180 million in a new funding round and is set to expand its business globally. The latest funding round values the food delivery firm at over $7 billion.

The fundraising was led by existing shareholders Durable Capital Partners and Fidelity Management & Research Company. The new investment will contribute to expanding its delivery-only kitchen sites across the world, as well as its other services, including on demand grocery, as well as the so-called “Plus” subscription and “Signature” services, Deliveroo said in a statement.

The fresh capital, which comes ahead of a potential initial public offering (IPO), will also pave the way for new initiatives that will support riders working for the company.

“This investment will help us 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,” said Will Shu, founder and CEO of Deliveroo.

According to Henry Ellenbogen, managing partner and chief investment officer at Durable Capital Partners, Deliveroo has the potential to grow further.

“I have been impressed with the team’s ability to spot opportunities, innovate and adapt to changes in the market. The online food delivery market is nascent and underpenetrated. We believe Deliveroo has the potential to become a much bigger company over time,” said Ellenbogen.

The company operates in 800 towns and cities across 12 markets, including Australia, Australia, Belgium, France, Hong Kong, Italy, Ireland, Netherlands, Singapore, Spain, United Arab Emirates, Kuwait and the United Kingdom.

Last year, Deliveroo UAE launched its own on-demand grocery delivery service.

It also works with other key convenience-led partners in Dubai and across other emirates, which include 7 Eleven, Marks and Spencer, Shop Kitopi, Circle K, IKEA – Swedish Food Market, Quality Food and 800Pharmacy.

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