Investment

Spanish On Demand Delivery Giant Glovo Raises $134M From Rakuten, Seaya & Cathay Innovation

Glovo, the Spanish delivery giant with presence in Europe, South America and the Middle East raised a $134M Series C from Rakuten Capital, Seaya Ventures and Cathay Innovation at a reported $300M+ valuation. First reported in TechCrunch, Glovo will use this money to consolidate Europe and continue expanding in Latin America.

From the original TechCrunch article:

Commenting on the Series C, Oskar Mielczarek de la Miel, a managing partner at Rakuten Capital, told us: “Delivery is becoming increasingly global in reach. At Rakuten Capital, we are very excited about outstanding companies like Glovo,  which continue to strike a mark by operating with utmost efficiency and filling an obvious gap in demand in Southern Europe, LatAm and beyond.

This new funding round ups the ante in the hyper competitive last mile delivery space in Latin America where Rappi has raised $180M, Cornershop was in reported negotiations with WalMart for a $200M acquisition and Mercadoni received investment from Naspers-backed Movile.

For more information on this market, listen to this podcast with Mercadoni founder Antonio Nunes.

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