Jan 18, 2021

$180mn round values food deliverer Deliveroo at over $7bn

Deliveroo
Startup
funding round
William Smith
2 min
Deliveroo said it would use the funds to drive growth and enhance services such as grocery deliveries and its subscription service
Deliveroo said it would use the funds to drive growth and enhance services such as grocery deliveries and its subscription service...

London-based Deliveroo operates one of the UK’s most popular food delivery platforms.

With backers including the likes of Amazon, which has a 16% stake in the business, it’s business model has been one of the few to find success during the ongoing COVID-19 pandemic, with food delivery allowed to continue even when restaurants themselves have had to close.

A technology unicorn

Since its foundation in 2012, the company has raised over $1.5bn across 10 funding rounds. Additionally, Deliveroo has just announced a new Series H round worth $180mn, led by Durable Capital Partners LP and Fidelity Management & Research Company LLC. The latest funding sent its total valuation to more than $7bn.

In a press release, 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."

Future growth

The company said it would use the funds to drive growth and enhance the service it provides, giving examples including the expansion of on-demand grocery deliveries, a geographical extension of its subscription service, and further support to its “riders”.

The company outlined some of the steps it had taken during the pandemic, including reducing “onboarding” fees for restaurants and charging 0% commission on pick up orders.

Henry Ellenbogen, Managing Partner and Chief Investment Officer at Durable Capital Partners LP, said: "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."

(Image: Deliveroo)

Share article

Jun 13, 2021

Harnessing APIs to unlock and operationalise your data

technology
Data
insights
Paul Crerand
4 min
It’s widely accepted that unlocking insight from data is key to driving successful digital transformation and competitive advantage

Data is the fuel that powers modern businesses. It’s widely accepted that unlocking insight from data is key to driving successful digital transformation and competitive advantage. Yet the gap between understanding the importance of data-driven insight and being able to achieve it remains stubbornly wide, as critical information remains locked away in silos. To overcome these challenges, businesses must try a new approach. API-led connectivity offers a reusable, standardised way to integrate data across multiple platforms, systems, and applications. When done right, it can be the fast-track to IT and business teams productivity, innovation, and growth.

A data explosion

The past decade has seen a data explosion. Analyst firm IDC predicted that over 59 zettabytes (ZBs) of data would be “created, captured, copied, and consumed” in the world last year alone. In the next three years it’s predicted to continue growing at a CAGR of 26%, during which time more data will have been created than during the past 30 years. At the top of any CIO or business leader’s wish-list is the ability to extract insight from these vast troves of information in order to make more effective decisions. According to McKinsey, data-driven companies are 1.5 times more likely to report revenue growth of greater than 10%.

Unfortunately, just like much of the population for much of the last 12 months, data is locked down and isolated. MuleSoft’s 2021 Connectivity Benchmark report reveals that data silos and existing IT infrastructure are making it difficult for most firms to integrate new technologies and make changes to IT systems and applications. In fact, currently less than third of enterprise applications on average are integrated, so there is still significant room for improvement. Those organisations that are able to connect the dots between their data stand to realise increased customer engagement, business transformation and innovation benefits.

Journey towards API-led integration

Legacy custom code point-to-point integration may have been fine a decade ago when enterprises ran relatively few applications. But today’s businesses need something altogether more agile. Point-to-point can be expensive and complex, which means IT ends up spending too much of its time on maintenance and not enough on innovation.

This is where APIs come in, offering a more seamless and cost-effective way to drive integration through discoverability, self-service, and reuse. Rather than building the same point-to-point integration for use in 10 different projects, which requires each to be maintained individually as unique sets of code, a single API can be developed to be reused across them all. An API-led approach therefore means companies only have to unlock each data set just once to empower business teams across the organisation to use that data in their own projects.

The value of this approach can be extended even further with today’s low-code tools, which support drag-and-drop integrations. This can help to ease the burden on IT teams and empower business users to deliver their own integration projects.

The LendingTree experience

One company that has driven major improvements through reusable APIs is online loans marketplace LendingTree. Originally its 16 different business units were operating with siloed, incomplete data, meaning 360-degree customer insight was impossible—affecting sales and the end-user experience. The firm was not able to capture or analyse call centre data, limiting its ability to improve experiences for its customers.

Using APIs to draw in data from multiple systems and databases in real-time, LendingTree was able to consolidate its customer data on Salesforce to create a single source of truth for cross-departmental teams. This approach empowers service agents by giving them access to individuals’ loan application history from a single console, drastically reducing the time it takes them to consolidate various sources of customer data. As such, its API-led integration approach has allowed LendingTree to free up time and resources to launch new capabilities faster.

The future’s digital

Organisations have been affected in many different ways by the COVID-19 pandemic. But across the board, the desire among business leaders over the coming months will be to emerge from the crisis stronger than ever. Data-driven insight will be vital to this achievement, as businesses push ahead with digital innovation. API-led integration can help them to ensure that data strategies are long-lasting and sustainable, paving the way for long-term success and a brighter digital future.

 

Share article