…Founded in 2013, Deliveroo now operates in over 500 towns and cities in 14 countries ranging from Ireland to Kuwait to Taiwan. The company has partnered with over 80,000 restaurants and employs 2,500 people around the world. Deliveroo said the infusion of funds will be put towards investments such as growing the platform’s engineering team, increasing support for partner restaurants, and expanding into new markets.
…With its investment, Amazon ($AMZN) is making a significant push into a quickly growing industry. Grubhub ($GRUB), one of the oldest food delivery pioneers, reported $5 billion in gross food sales in 2018 and serves nearly 20 million active diners. The company’s growth has been fueled by acquisitions of other brands such as Tapingo and AllMenus.
Uber Eats has also grown significantly in recent years and has become a key component of Uber’s ($UBER) business model.
“It is going to be a race to the bottom on price and which company can afford to have the lowest margins possible,” James Cakmak, a contributing editor at Techonomy Media, told Cheddar on Friday.