Spanish on-demand courier service, Glovo, announced that it has secured $528 million (€230 million) Series F funding for global expansion. The funding round was led by New York-based investment managers Lugard Road Capital and the Luxor Capital Group. Other participating investors include Delivery Hero, Drake Enterprises and GP Bullhound.
Glovo was founded by Oscar Pierre and Sacha Michaud in 2015. In December 2019, it raised $167 million (€150m) in a Series E round led by Abu Dhabi’s Mubadala. The new funds made the company cross $1 billion valuation mark, making it the second privately-held Spanish company to have achieved the “unicorn” status.
In January 2020, Glovo ended its operations in Turkey, Egypt, Puerto Rico and Uruguay. In October 2020, in an effort to achieve profitability, Glovo’s remaining Latin American operations were sold to Delivery Hero, a German company, in a deal worth $272 million.
“We’re thrilled to have the continued backing of Luxor Capital Group and all of our existing investors. Over the last few months, we’ve moved very, very quickly but our vision remains unchanged,” said Oscar Pierre, Glovo’s other co-founder and CEO, in a statement. “This investment will allow us to double-down in our core markets, accelerate our leadership position in places where we are already very strong and continue to expand our excellent Q-Commerce division, as well as bring new innovations to our unique multi-category offering to extend more choice to our customers.”
Glovo recently launched operations in Ghana, its fifth African country.
Glovo has more than 2.5 million monthly active users, 50,000 active couriers and over 50,000 associated partners worldwide
