One of the UK's star tech startups, Deliveroo, is on the verge of becoming a so-called unicorn, with SoftBank in talks over a potential investment.
SoftBank's Vision Fund, a huge new tech investment vehicle which has already backed several British tech companies, is in discussions to take a stake in the food delivery firm that would value it at more than $1bn.
The investment, first reported by Sky News, would be part of a series F round of funding following on from the $275m it raised last year. Existing backers of the startup include Accel Partners, Index Ventures, General Catalyst, Greenoaks Capital, Hoxton Ventures and Nokia Growth Partners.
The fresh cash would help it compete against new and more well funded rivals - UberEats and Amazon Restaurants - and see it join the likes of billion pound-valued fintech firm Transferwise, online retailer Farfetch and flight website Skyscanner among others.
Softbank ploughed millions into UK "virtual simulation" startup Improbable in May, leading the $500m funding which also saw it achieve Unicorn status. The Vision Fund will also hold a stake in ARM, the UK tech firm Softbank acquired for £24bn in one of the most high profile deals of last year.