July 21, 2017

A giant technology fund backed by Apple and the Saudi Arabian state is in talks to buy a stake in Deliveroo, the British food delivery service which has been at the centre of controversy over its treatment of workers.



Detail of Deliveroo bike and cargo box parked in city with cafe terrace restaurant in the bakground to deliver on time the food to the client
Copyright: adrianhancu / 123RF Stock Photo

Deliveroo is a food delivery service A giant technology fund backed by Apple and the Saudi Arabian state is in talks to buy a stake in Deliveroo, the British food delivery service which has been at the centre of controversy over its treatment of workers.

Sky News has learnt that the $93bn SoftBank Vision Fund, which was launched late last year, is in detailed talks with Deliveroo about participating in a big fundraising being planned by the company.

Sources said this weekend that SoftBank was “very interested” in buying a stake in Deliveroo but cautioned that a deal could be some weeks from being finalised.

The delivery app’s latest funding round could see it raise a similar sum to the $275m it attracted from investors nearly a year ago, according to insiders.

The valuation that would be attributed to Deliveroo by its new fundraising would see it smash the £1bn barrier that leads to tech companies being labelled as ‘unicorns’, they added.

One source said on Saturday that the company’s valuation could reach £1.5bn after the next phase of investment.If SoftBank’s Vision Fund – which was set up to take big stakes in emerging technology companies – does proceed with the deal, it would […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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