SoftBank’s Vision Fund eyes stake in UK’s Deliveroo

SoftBank Group Corp’s Vision Fund is in talks to buy a stake in the British food delivery company Deliveroo, Sky News reported, citing sources familiar with the matter.

Such a deal would help Deliveroo fund its future expansion plans, raising its valuation to about $1.5 billion.

The app, which handles takeaway orders for restaurant chains, has become one of the most prominent consumer brands in the UK.

SoftBank’s tech fund raised over $93 billion from backers led by the Japanese company and Saudi Arabia’s Public Investment Fund (PIF) in May.

Other investors in the $100 billion Vision Fund include Abu Dhabi’s sovereign fund Mubadala Investment Co., Apple, Qualcomm, Foxconn Technology Group, and Sharp Corp.

PIF has signed a deal to invest $45 billion in the fund over the next five years.