Spain-based last-mile delivery service Glovo confirmed yesterday it has raised €30m ($35.2m) in a series B round co-led by Rakuten Capital, the corporate venturing subsidiary of e-commerce firm Rakuten, TechCrunch reported.
The round was co-led by venture capital fund Cathay Innovation and also featured Caixa Capital Risc, the VC arm of financial service firm La Caixa, as well as VC firm Bonsai Venture Capital and VC funds Seaya Ventures and Entreé Capital.
Glovo uses a network of local couriers it calls Glovers to provide a rapid on-demand delivery service for food and consumer items on behalf of local businesses. It operates in eight Spanish cities as well as Paris, Rome and Milan.
The funding will go to further development of Glovo’s platform and the strengthening of its position in the delivery services market. Niall Wass, senior vice-president of ride hailing service Uber covering Europe, Middle East and Africa and Asia Pacific, has come on board as an advisor.
News reports last week suggested Glovo had raised €25m for the round, before the company formally announced its close.
Glovo has now secured $43m altogether, having received $2.1m from Antai Venture Builder, Cube Investments and various angel investors in late 2015 and $5.6m in series A funding from Caixa Capital Risc, Seaya, Entreé, Bonsai and Antai in August 2016.