Glovo raises €5m series-A from Antai et al.

The round saw new investors Caixa Capital Risc, Bonsai venture, Entrée Capital and Seaya Ventures participating in the round alongside existing investor Antai Venture Builder and several high-net-worth individuals. Glovo CEO Oscar Pierre was reported as saying that the management team would retain a controlling stake in the business following the transaction.

The company aims to use the capital injection to boost its presence across Spain, France and Italy as well as to bolster its product development. According to local reports, the management's priority is to become leader in these markets prior to expanding the business internationally.

Previous funding
In May 2015, the company raised a €140,000 seed round from several business angels. Subsequently, Antai led a €2m funding round alongside European investment agency Enisa and several high-net-worth individuals.

Following the latter funding round, the company acquired Antai portfolio company JustBell and Milanese food-delivery provider Foodinho, which allowed the business to enter the Italian market.

Company
Established in 2015, Glovo develops a mobile application focused on delivery services. The company is headquartered in Barcelona and also has a presence in Madrid, Valencia, Paris and Milan.

The business claims 200,000 clients and 300 associated retail companies. According to local reports, the company employs 300 people and generated €900,000 of revenue in 2015, while the management team expects to post a turnover of €8m this year.

People
Glovo - Oscar Pierre (co-founder; CEO); Sacha Michaud (co-founder).

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• Topics
• Expansion
• Technology
• Southern Europe
• Spain
• Venture
• Caixa Capital Risc