Venture Capital: Delivery Service Glovo Nabs $529M, A Record For Spanish Startups

April 1, 2021 | News, Venture Capital
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Glovo’s total funding is now over $1 billion.

Barcelona-based delivery startup Glovo has scored € 450 million ($ 529 million) in a Series F funding round led by Lugard Road Capital and Luxor Capital Group.  This round, set to be the largest in Spanish venture capital history, also saw investment from existing investors including Delivery Hero, Drake Enterprises, and GP Bullhound. (MobileMarketing)

Use of funds

Oscar Pierre, co-founder & CEO of Glovo, said: “This investment will allow us to double-down in our core markets, accelerate our leadership position in places where we are already very strong and continue to expand our excellent Q-Commerce division, as well as bring innovations to our unique multi-category offering to extend more choice to our customers.”

On its website, Glovo says it operates in 20 countries through 64,000 active couriers serving 7.4 million customers and 71,000 shops and restaurants.

It has an employee strength of 1,900.

Glovo previously announced a €100 million partnership with Swiss-based real estate firm Stoneweg to expand its network of dark stores.

It claimed in a statement that in its biggest cities it has already achieved ultrafast, last-mile delivery in 10 minutes through its network of dark stores. It aims to have 200 dark stores by the end of 2021.

“The company anticipates a permanent shift in consumer habits towards same-day and instant delivery,” it said.

Glovo also will enter strategic partnerships similar to those it has with supermarkets such as Carrefour, Continente, and Kaufland.

Oscar Pierre and Sacha Michaud founded Glovo in Barcelona in 2015 and the startup has since become the largest on-demand platform founded out of mainland Europe, having delivered over 100 million orders.

Related Story: Gorillas, Which Delivers Groceries Immediately, Lands $290M

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