(Bloomberg) -- Deliverect, a Belgian software firm that simplifies online food delivery, is in talks to raise new money at a valuation of roughly 1.2 billion euros ($1.4 billion), according to people familiar with the matter.

The company is in discussions about raising around 150 million euros from investors including Coatue Management LLC, the people said, asking not to be identified discussing confidential information. Alkeon Capital Management LLC could also participate in the funding round, one of the people said.

Deliverect may consider an initial public offering this year or in 2023 following the latest financing, another person said. A representative for Coatue declined to comment. A representative for Deliverect didn’t immediately respond to requests for comment, while a spokesperson for Alkeon couldn’t be reached for comment.

Founded in 2018, Deliverect provides software that helps restaurants manage their online sales. It connects popular food delivery companies like Deliveroo Plc, DoorDash Inc., Just Eat Takeaway.com NV and Uber Eats directly to restaurants’ order systems. 

The online food delivery sector has been one of the few that’s flourished during the Covid-19 pandemic, as restaurants stayed shut and people grew tired of cooking at home. While a boost for restaurants, the vast increase in orders has put pressure on existing systems for managing these requests. 

Deliverect raised $65 million last April from investors including DST Global Partners, Redpoint Ventures and OMERS Ventures.

©2022 Bloomberg L.P.