Delivery Hero, a food delivery company has quickly garnered a "superstar start-up" status in Europe thanks to its most recent batch of funding.
Now standing at a value of $3.1 billion, the Berlin-based company received $110 million from two U.S. funds. Delivery Hero is aiming to beat its competitors like Just Eat in the food delivery industry.
On Monday, Delivery Hero expressed how the funding would be used in the start-up through a press release. Stating that the money is intended for "selective acquisitions and intensive product innovation," via CNBC.
The start-up chose not to disclose who were involved in the most recent round of funding. However, other investors include Insight venture Partners, General Atlantic, and some other public fund managers based in the United States.
Prior to the latest funding, Delivery Hero garnered a $320.1 million investment from Rocket Internet just in February.
Delivery Hero, along with its competitors, are vying to outperform other companies in the industry sector. Just last month, the food delivery service company bought Yemeksepeti, a dominating Turkish food delivery company, for $589 million.
In addition to the latest acquisition, Delivery Hero also announced that it would be penetrating the Middle East market, particularly the United Arab Emirates and Qatar, through their other acquisition, Talabat.com.
Meanwhile, its United Kingdom competitor, Just Eat, acquired Menulog, an Australian takeaway and delivery service company, for $680.6 million in May.
Delivery Hero's present appraisal follows its U.S. competitor, GrubHub, which has funding worth $3.2 billion.
The company previously motioned that an initial public offering might happen this year. Delivery Hero currently runs in 34 countries including China, Austria, Australia, Sweden, and Germany. The company claims that it is affiliated with 200,000 restaurants and executes 10 million orders per month.
Delivery Hero's method consists of allowing customers to order food online, which gives them multiple options for restaurants to purchase food from. Payments are also made online.
