Spanish delivery and courier platform Glovo raised €450 million ($530 million) in a Series F funding round led by Lugard Road Capital and the Luxor Capital Group. Returning investors also participated in the round, including Delivery Hero, Drake Enterprises and GP Bullhound.
The new infusion of funds will enable the delivery startup to “double down in our core markets,” Oscar Pierre, co-founder and chief executive officer (CEO) of Glovo, said in a press release on Thursday (April 1).
The capital will also be used to “accelerate our leadership position” in key locations and grow “our excellent Q-Commerce division” while also innovating “our unique multi-category offering,” Pierre added.
This latest funding round marks the biggest investment in history for a Spanish startup. Glovo said it plans to grow its footprint in the 23 countries where it currently operates. The startup, founded in 2015 in Barcelona, is also working to grow its new quick commerce (Q-commerce) division, which specializes in ultra-fast delivery.
Glovo is continuing its strategy to seek partnerships that align with its current supermarket deals — including Carrefour, Continente, and Kaufland — while also investing in its own infrastructure and fulfillment centers. The company said that it currently operates dark stores in Barcelona, Madrid, Lisbon and Milan, with plans for similar operations in Valencia, Rome, Porto, Bucharest, and more. The company’s goal is to have 200 dark stores by the end of the year.
Over 10 million people use Glovo and the company is striving for future growth by partnering with local retailers. It already offers 10-minute last-mile delivery in its biggest cities through its network of dark stores, and the company anticipates there will be a lasting change in consumer habits towards same-day and instant delivery.
Earlier this year, Glovo formed a €100 million partnership with real estate firm Stoneweg to expand its network of dark stores. Glovo also hired AmEx veteran Narek Verdian to serve as its new chief technology officer. Verdian will oversee the engineering team’s growth from 300 to 500 at Glovo’s Barcelona headquarters and its tech hubs in Madrid and Warsaw.
Last year, Glovo left several countries in the Middle East in a move to help the company grow in a more focused manner. The company ceased operations in Turkey, Egypt, Uruguay and Puerto Rico, shrinking its audience to 22 markets. The plan is to target growth in South America, Southwest Europe, Eastern Europe and Africa.