Rakuten, Cathay lead €30m series-B for Glovo

French private equity house Cathay Capital invested in the business through its Cathay Innovation Fund. The fund hit its €287m hard-cap in June 2017.

According to press reports, Japanese corporate venture firm Rakuten injected €25m of fresh capital. Following the deal, Glovo reportedly reached a €45m enterprise value.

The company aims to use the fresh capital to enhance its market position and product development. Recently, Glovo hired former Uber executive team member and partner at VC firm Atomico, Nial Wass, as an adviser.

Previous funding
In August 2016, Caixa Capital Risc, Bonsai Venture and Entrée Capital, alongside seed investor Seaya Ventures and several high-net-worth individuals, led a €5m series-A round for the business.

Company
Founded in 2015 and headquartered in Barcelona, Glovo develops a mobile application focusing on delivery services, including food products, pharmaceuticals and electronics. Currently, the company has a presence in Madrid, Valencia, Zaragoza, Seville, Malaga, Palma de Mallorca, Bilbao, Paris, Rome and Milan.

The business claims it has 250,000 clients and 3,000 associated retail companies. According to local reports, the company employs 300 people and generated €900,000 in revenues in 2015, while the management team expects to post a turnover of €8m this year.

People
Rakuten Capital – Oskar Mielszarek de la Miel (managing partner).
Cathay Innovation – Jacky Abitbol (partner).
Glovo – Oscar Pierre (co-founder; CEO); Sacha Michaud (co-founder).

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