Deliveroo has appointed Lord Simon Wolfson to its board as a non-executive director.

Lord Wolfson is the Next chief executive and started on the board this week ahead of the delivery service’s stock market floatation.

Will Shu, founder and chief executive, said: “We are looking forward to working with him as we continue to innovate, developing new tech tools to support restaurants, to provide riders with more work and to extend choice for customers, bringing them the food they love from more restaurants than ever before.”

Wolfson said the company was an “exciting, innovative and fast-growing company that, like Next, relies on advanced technology to deliver a market-leading proposition”.

Deliveroo has been valued at more than $7b ahead of the floatation, after the group secured another $150m in funding from shareholders.

Shu commented on Deliveroo’s performance over the past year: “We’ve demonstrated our model is profitable. We also saw our existing customers looking to order more often, also ordering for the family more frequently, we saw average basket sizes increase, and also ordering a wider range of products.”

Last year, Amazon bought a 16% stake in the company. The money is being spent on “new tech tools to support restaurants, provide riders with more work and extend choice for customers.”

“We are really pleased our shareholders see the opportunity and growth potential ahead of us,” added Shu.