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CORRECTED-Delivery Hero raises another $110 mln ahead of possible IPO
June 8, 2015 / 7:27 AM / 2 years ago

CORRECTED-Delivery Hero raises another $110 mln ahead of possible IPO

(Corrects to show new financing round came from two new, unnamed public company investors and not from existing investors Insight Venture Partners, General Atlantic and Rocket Internet.)

By Eric Auchard

FRANKFURT, June 8 (Reuters) - Germany’s Delivery Hero, which is considering an initial public offering in the next year, said on Monday it has raised new funding from two undisclosed U.S. public company investors that values the company at 2.8 billion euros ($3.1 billion).

The online takeaway food delivery service said it has taken 101 million euros ($110 million) in the latest financing round, its third. The company declined to name the two new investors.

Existing U.S. investors in Delivery Hero include Insight Venture Partners, General Atlantic, Germany’s Rocket Internet and a number of U.S. public fund managers.

Delivery Hero has built up a delivery network for more than 200,000 restaurants in 34 countries. It said the funds will be used for selective acquisitions, to develop new products and to consolidate its position in markets where it is active.

Following the latest financing round, Rocket will hold a 38.5 percent stake through its Global Online Takeaway Group, which owns stakes in majority-owned Foodpanda and other takeaway delivery brands active in more than 70 countries.

Delivery Hero’s higher valuation of 2.8 billion euros increases the value of Rocket’s minority investment by 279 million euros, or 35 percent, compared to its last portfolio value of 1.079 billion euros, Rocket said.

Rocket, a global e-commerce investor in more than 100 start-ups, last reported a total loan portfolio value of around 11.4 billion euros in April. It held its IPO in October 2014.

It said it continued to evaluate strategic options for portfolio companies such as Global Online Takeaway Group, including potential IPOs as well as other funding alternatives.

Citigroup acted as advisor for the capital raising and Munich-based tax lay firm GLNS acted as legal advisor.

$1 = 0.9014 euros Reporting by Eric Auchard; editing by Jason Neely

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