Spain-based on-demand delivery service Glovo has raised €150m ($168m) in series D funding from backers including Drake, a Spanish and Latin American franchisee of pizza chain Papa John’s, VentureBeat reported yesterday.
The round was led by venture capital firm Lakestar and also featured VC firm Korelya Capital and private equity firm Idinvest Partners.
Founded in 2015, Glovo operates an on-demand delivery service that enables consumers to order and receive parcels and food from businesses and restaurants through a network of independent, licensed couriers.
Users can also request items not explicitly for sale through the app which can then be bought on their behalf and delivered by one of the company’s couriers.
Glovo initially focused on its home country of Spain but has since expanded across Europe and into the Middle East, Africa and Latin America. The series D funding will allow it to build out its engineering team and further expand its on-demand services.
Lakestar partner Dharmash Mistry will join Glovo’s board of directors in conjunction with its investment. He said: “In only three years, they have built a significant, multi-country, next-generation, branded, last-mile express delivery company.
“The bold ambition to deliver ‘anything anywhere’ in less than 30 minutes will continue to change consumer behaviour around food and grocery delivery, and much beyond.”
Glovo had previously received $134m in series C funding from e-commerce firm Rakuten, restaurant group AmRest, Seaya Ventures, Cathay Innovation, Idinvest Partners and GR Capital in July 2018.
Rakuten Capital, an investment vehicle for Rakuten, co-led the company’s $35m series B round with Cathay Innovation in 2017 that also featured financial services firm La Caixa’s VC arm, Caixa Capital Risc, as well as Seaya Ventures, Bonsai Venture Capital and Entreé Capital.
Glovo had already secured $7.7m in funding from Caixa Capital Risc, Seaya Ventures, Entreé Capital, Bonsai Venture Capital, Antai Venture Builder, Cube Investments and several individual investors across two rounds in 2015 and 2016.
