Online food ordering site Delivery Hero Holding GmbH has raised $110 million in new funding based on a $3.1 billion valuation.

It’s not clear from reports whether this was a new round, or an extension of its previous Series H round of $568 million in February, or its subsequent venture funding of €52 million ($57.7 million) in March from Rocket Internet SE.

The investors in the new rounds were not disclosed, other than to be described as “two US-based funds.”

Founded in 2011, Delivery Hero has quickly become the world’s largest food delivery service, operating in 34 countries.

The company helps customers find their favorite foods easily and conveniently through their website or app, which provides an overview of all the restaurants and delivery services.

Delivery Hero’s network is said to include over 200,000 restaurants and the company processes more than 10 million orders each month.

Going up

Food ordering as a vertical within the broader e-commerce market has been hot now for some years, with various players, including Foodpanda GmbH, GrubHub, Inc., and Just Eat Holding Ltd. all competing for a slice of the growing, global market.

Surprisingly Delivery Hero’s current valuation, while arguably on the high side, isn’t the highest in the market, with GrubHub having a valaution of 3.3 billion, despite a much smaller presence of only 35,000 restaurants in over 900 US cities and London.

The space has also see rapid consolidation, with GrubHub having acquired Seamless in 2013, and more recently Just Eat acquiring Australian competitor Menulog for AU$855 million ($651 million) in May. Delivery Hero itself hasn’t been shy is snapping up other companies, having acquired Turkish food delivery company Yemeksepeti for $589m, along with Middle Eastern operator Talabat.com.

How many operators a single city market can sustain is also driving the consolidation; while more than one operator can survive, the bigger operators are signing up more restaurants with cheap fees and in some cases, doing exclusive deals. The reality is that unless you’re in a mega-city there will eventually only be one major operator in each, and that’s what these companies are attempting to do in each market they operate.

Including the new round Delivery Hero has raised approximately $1.3 billion to-date. Previous investors include Kreos Capital, Point Nine Capital, HV Holtzbrinck Ventures, Ru-net, Tengelmann Ventures, Team Europe, Target Ventures, Insight Venture Partners, German Startups Group, Rocket Internet, and others.