Lugard Road, Luxor Capital lead €450m round for Glovo

The round also saw participation from previous investors, including Delivery Hero, Drake Enterprises and GP Bullhound.

The company intends to use the fresh capital to further consolidate its market position, expand its offering and grow its newly launched Q-Commerce division.

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

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

Lakestar led a €150m series-D funding round for Glovo in May 2019. Idinvest and Korelya Capital also took part in the investment, alongside Drake Enterprises, the owner of global pizza franchise Papa John's.

More recently, Mubadala Capital led a €150m series-E funding round for Glovo in December 2019. Previous investors Drake Enterprises, Idinvest and Lakestar also took part in the funding round.

Following the investment, the company's valuation surpassed $1bn.

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.

Earlier this year, Glovo announced a €100m partnership with Switzerland-based real estate firm Stoneweg to grow its network of dark stores.

Glovo has more than 10 million users, according to the company.

People
Glovo – Oscar Pierre (co-founder, CEO); Sacha Michaud (co-founder).
Lugard Road Capital – Jonathan Green (founder, portfolio manager).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• Southern Europe
• Consumer
• Venture
• Spain