Deliveroo will use the new capital to continue investing in developing the best proposition for consumers, riders, and restaurants and drive growth. Credit: nrqemi / Shutterstock.

UK-based food delivery company Deliveroo has raised $180m in a Series H funding round, taking the company’s total valuation to more than $7bn.

The financing round was joined by the company’s existing investors. It was led by Durable Capital Partners and Fidelity Management & Research Company.

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Deliveroo said the new capital will enable the company to continue investing in developing the best proposition for consumers, riders, and restaurants and drive growth.

It includes expansion of delivery-only kitchen sites around the world and on-demand grocery, and the extension of Plus subscription service to new geographies.

Additionally, the company will also use the funds for offering its Signature service to restaurants to enable customers to order delivery via restaurants’ own websites.

It also intends to roll out new initiatives to support riders working with the company.

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Deliveroo founder and CEO Will Shu 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.”

The investment comes as Deliveroo is planning a potential IPO, which is anticipated to occur in April.

In October last year, Deliveroo expanded its strategic partnership with Onfido to provide a faster and enhanced onboarding for its riders.

Recently, Indian restaurant aggregator and food delivery app Zomato raised $660m in a primary financing round, which valued the company at $3.9bn.