Berlin-based Delivery Hero, maker of a food ordering app and website, announced a financing round of $110 million, which values the company at more than $3.1 billion.

This is an increase of 159 per cent since September 2014, when it was valued it at $1.2 billion and, according to Financial Times (FT), makes the company one of Europe’s most highly valued start-ups.

With 2,000 employees in 34 countries, Delivery Hero plans to use the funds for “selective acquisitions and intensive product innovation… and [to] consolidate its competitive edge in product and service,” it said in a statement.

The funding came from “two leading public market investors from the US”.

The new cash takes the “overall primary equity investment in Delivery Hero to $1 billion” with investors including Insight Venture Partners, General Atlantic and Rocket Internet, as well as “a number of blue chip US-based public fund managers”.

The company, founded in 2011, says it is processing 10 million orders every month through a network of more than 200,000 restaurants, generating more than $165 million in monthly sales in countries like the UK, where it operates as Hungryhouse, and Latin America, where it goes by the name PedidosYa.

Last month, it acquired Turkish food delivery brand Yemeksepeti in a transaction valued at $589 million, which it claimed was “the largest acquisition ever made in the online food ordering sector”.

The FT report said the company is looking into a possible listing and wants to take on rivals such as the UK’s Just Eat, which has a market value of £2.85 billion ($4.4 billion).