British food delivery startup Deliveroo raises $275M in funding

Deliveroo, a food delivery service that is facing competition from UberEats in Europe, raised $275 million in Series E funding, the startup announced Friday.

Launched in 2013, Deliveroo delivers slightly upscale restaurant food along with alcohol, breakfast and large corporate orders. The service handles the logistics of delivery for restaurants, helping boost their sales for a flat fee.

Since its launch, the London-based startup has raised $475 million. It's currently in 84 cities throughout Europe, Australia, Hong Kong, Singapore and the United Arab Emirates.

Its most recent funding round was led by Bridgepoint, the UK's largest private equity group, along with prior investor DST Global, US-based General Catalyst and existing investor Greenoaks Capital.

In November, Deliveroo raised $100 million in a Series D round.

“After seeing strong growth in the markets we launched in November, our new focus is to drive further innovation in food delivery," founder and CEO Will Shu said in a statement. "In particular, I’m excited about exploring completely new ways to solve the hardest problems restaurants face when offering delivery."

The company is reported to be valued at $1 billion after this most recent funding round.

But it still faces an uphill battle against the encroachment of UberEats, which is competing for both market share and labor. Uber's delivery service launched in London in June, and is quickly expanding throughout Europe.