Since launching in 2013, food delivery startup Deliveroo has raised cash from some of the biggest names in VC, including Index, Accel and General Catalyst.
Now many of those investors are set to receive big money payouts after the company announced an all-cash deal to be acquired by US giant DoorDash for £2.9bn on Tuesday. Founder and CEO Will Shu would receive more than £170m as part of the deal.
Deliveroo shareholders will receive 180p in cash per share, DoorDash said in a statement, up slightly on the trading price of 176p on Tuesday — but still a big drop from the 390p price Deliveroo opened with on the London Stock Exchange in 2021.
The UK-based food delivery company picked up over $1bn in investment before that listing, at a valuation of £7.6bn, in a float that was widely considered a flop after dipping 26% on its first day of trading.
Deliveroo has since seen its share price fall further, laid off staff and retreated from a number of international markets — though there was positive news recently in the form of Deliveroo reporting its first full-year profit last month.
The deal with DoorDash has been recommended by Deliveroo’s board, but is still pending completion based on the approval of 75% of shareholders. If approved, it’s expected to complete by the end of this year.
Sifted dug into shareholder ownership data from MarketScreener to find out which investors are set to get a payout.
Who’s in the money?
Amazon’s venture arm is currently the biggest shareholder in Deliveroo, owning 14.25%, and is set to make £387.5m if the sale goes through. The US tech giant led a $575m Series G in Deliveroo in 2019. Amazon declined to comment.
Fidelity Investments, a US-based firm which has invested in SpaceX, Uber and OpenAI, has a 9% stake, which could see it receive £244.9m. Fidelity were a late-comer to the food delivery company’s cap table, participating in rounds totalling more than $1bn from its Series E.
US-based late stage tech investor DST Global — which has previously backed some of the biggest names in tech, including Meta, Spotify and Airbnb — has a 5.4% stake in the company and could get a £146.8m payout.
The investor participated in multiple rounds worth more than $750m, according to Dealroom, into the food delivery company from Series D onwards.
Greenoaks Capital Partners, another late-stage US investor on the cap tables of Canva, Databricks and Safe Superintelligence, could make £94.8m from its 3.49% stake.
Greenoaks participated in rounds totalling more than $1bn, from the company’s Series C onwards. Sifted understands that the investor stands to return nearly four times its investment in Deliveroo.
Sifted has approached Fidelity, DST Global and Greenoaks for comment.
Read the orginal article: https://sifted.eu/articles/deliveroo-shareholder-payouts/
