Delivery scaleup Glovo raises €450 million Series F funding to continue expansion in 20 markets
Barcelona-based Glovo, one of the world’s leading multi-category delivery players announced that it has raised €450 million in its Series F funding round led by New York-based investment managers Lugard Road Capital and the Luxor Capital Group.
The round also saw participation from returning investors including Delivery Hero, Drake Enterprises and GP Bullhound, and reflects both the significant growth potential in the online delivery sector and the strong demand from existing shareholders to invest in the company.
Founded in 2015, Glovo is the baby amongst the European scaleups taking the lead in the ‘on-demand’ delivery race. Despite having the smallest team of +4K employees compared to Deliveroo and Delivery Hero, the startup has expanded to 20 countries and 750+ cities, more than its older counterpart Deliveroo. The team has closed 11 funding rounds, and unique aspects to mention about Glovo are their diversification from just food delivery to also grocery, alcohol and pharmacy delivery – with the latter proving exceptionally popular throughout the pandemic.
Following this latest funding round, the largest in history for a Spanish startup, Glovo will invest in expanding its footprint in the 20 markets in which it currently operates. The company will also focus on growing its newly-launched Q-Commerce division, which forms a significant part of its strategic commitment to multi-category deliveries in these markets.
April 2, 2021