Spain-based delivery services provider Glovo has raised €150m ($167m) in series E funding from investors including pizza chain franchisee Drake Enterprises, VentureBeat reported today.
The round was led by the Abu Dhabi government-owned Mubadala Investment and included Lakestar and Idinvest Partners. Glovo co-founder and CEO Oscar Pierre told VentureBeat it valued the company at more than $1bn.
Glovo’s on-demand logistics platform connects customers to local couriers who collect food or consumer products from restaurants or shops. It has a presence in 26 markets worldwide and Pierre told TechCrunch it will ramp up marketing in 2020 and enter some new countries.
The company was valued at $950m in a $168m series D round in April this year that was led by Lakestar with backing from Drake, Idinvest Partners and Korelya Capital.
Restaurant group AmRest supplied $29m as part of a $134m series C round in July 2018 that included e-commerce firm Rakuten, Idinvest, Seaya Ventures, Cathay Innovation and GR Capital at a reported valuation of about $350m. Food delivery service Delivery Hero announced a $59m investment shortly afterwards that probably formed part of the round.
Glovo had secured $35m in an early 2017 series B round co-led by Rakuten unit Rakuten Capital and Cathay Innovation and backed by financial services firm La Caixa’s Caixa Capital Risc vehicle, Seaya Ventures, Bonsai Venture Capital and Entreé Capital.
The latter four were all among the company’s earlier backers, as were Antai Venture Builder, Cube Investments and various angel investors. It had raised $7.7m across two rounds prior to the series B.
