Deliveroo shares rise after German rival takes stake in the business

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The firms stock climbed from £3.36 ($4.66) per share to £3.60 per share in early deals on the London Stock Exchange Monday, reaching their highest point since trading began in March. Meanwhile, shares of Delivery Hero remained relatively flat on the Frankfurt Stock Exchange. Deliveroos market value is around £8 billion so Delivery Heros investment appears to be worth roughly £400 million. In a note to investors, Deliveroo said it received a notification "of major holdings in the companys shares from Delivery Hero after market close on 6 August 2021." Founded in 2013 by Will Shu and Greg Orlowski, Deliveroo got a boost from Amazon in 2019 when the e-commerce giant led a $575 million funding round into the company.

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