Investment

Glovo raises $169M in a Series D round

LatAm ListGlovo, the Spanish on-demand delivery app, recently raised $169M (€150m) in a Series D round. The round was led by Lakestar, along with Drake Ventures, the owner of the pizza franchise, Papa John’s. Idinvest Partners and Korelya Capital also invested. Glovo has now raised a total of approximately $322M.

Oscar Pierre, Glovo’s CEO, explained that the company experienced a growth spurt when they launched in eighteen new countries last year. This most recent investment will be used to reinforce this global growth, as well as to fund the creation of ‘dark supermarkets’.

From TechCrunch:

“Our Darkstores are urban micro-fulfillment centers located in central areas of a city. They allow us to fully control the value chain and offer the best UX, with a delivery of around 20 minutes. They are run 24-hours-a-day by Glovo employees whose role is to pick and pack customer orders and have them ready for when the courier arrives. We have launched the offering in Barcelona and Madrid so far and we are still learning and analyzing the results,” explains Pierre.

Glovo will also expand its tech and data team to over 300 engineers in the next eighteen months and has already incorporated Mustafa Sezgin, former engineering leader at Uber, as its VP of Engineering.

“Today, more than 70 percent of our business is food, followed by groceries, courier and pharmacy. Our vision is to make everything in a city instantly available through the app, and we want to expand into other areas beyond delivery (services, reservations, etc) soon,” says Pierre.

Glovo currently has more than 5.5 million users, employs over 1000 people globally, and operates in 124 cities across 21 countries in three different regions.

Read more on Techcrunch.

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