Lakestar leads €150m series-D for Spanish startup Glovo

VC houses Idinvest Partners and Korelya Capital also took part in the investment, alongside Drake Enterprises, owner of global pizza franchise Papa John's.

Dharmash Mistry, partner at Lakestar, will join the Glovo board to support the company's management team.

The company intends to use the fresh capital to bolster its global growth in new markets across Africa, Europe and Latin America, and scale up its team of engineers by hiring 300 new employees in the next 18 months.

In addition, Glovo plans to expand its on-demand grocery platform by further developing its network of "dark supermarkets". These are groceries centres that operate alongside the app's marketplace of local supermarket chains, but are fully managed by Glovo's employees and enable groceries to be delivered to customers within 20 minutes of placing the order.

Previous funding
Following an initial seed round of €2m in 2015, Glovo raised €5m in August 2016 in a series-A round led by Caixa Capital Risc, Bonsai Venture and Entrée Capital, alongside seed investor Seaya Ventures and several high-net-worth individuals.

Subsequently, Rakuten and Cathay led a €30m series-B for Glovo in September 2017, with Rakuten Capital reportedly contributing €25m towards the round.

More recently, Seaya, Cathay, Idinvest and GR Capital led a €115m series-C funding round for the company in July 2018. Japanese corporate venture player Rakuten and Polish restaurant group AmRest also took part in the round.

Company
Founded in 2015 and headquartered in Barcelona, Glovo is a delivery platform focusing on food and drinks, groceries, pharmaceuticals and electronics. The business employs 1,000 staff and operates across 124 cities in 21 countries, with a particular focus on Latin America and the EMEA region.

People
Lakestar – Dharmash Mistry (partner).
Glovo – Oscar Pierre (co-founder; CEO); Sacha Michaud (co-founder).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Venture
• IDInvest Partners (AGF Private Equity)
• Spain