Glovo announced a Series F of $528 million led by Lugard Road Capital and Luxor Capital Group
Glovo, a Barcelona, Spain-based on-demand delivery startup, announced the completion of Series F of €450 million ($528 million).
The money was raised from investors led by Lugard Road Capital and Luxor Capital Group, with contributions from Delivery Hero, Drake Enterprises and GP Bullhound, as well as all the existing shareholders in the company.
Proceeds will be used for expanding operatoons, as the company focuses on growing its newly-launched Q-Commerce division, which forms a significant part of its strategic commitment to multi-category deliveries in these markets.
Glovo, founded in 2015 by CEO Oscar Pierre and Sacha Michaud, started with providing a service that allows people to buy, collect and send any product within the same city at a time, in under an hour.
Since founding, its core competence became the food delivery business from restaurants in urban areas, currently operating in 20 countries from Southern Europe and EEMEA. The company expanded its services to a multi-category delivery provider, growing in the grocery and essentials home delivery via dark stores - the generic name for mini fulfillment centres stocking 1,500-2,000 convenience goods like snacks, toilet roll and alcohol and availble for customer delivery in 30 minutes or less.
Glovo, which competes with the many online grocery startups from Europe funded by venture money, estimates to operate around 200 dark stores by the end of 2021.