Spain-based on-demand delivery provider Glovo has raised €115m ($134m) in funding from investors including e-commerce firm Rakuten and restaurant group AmRest, La Vanguardia reported yesterday.
Venture capital funds Seaya Ventures and Cathay Innovation also took part in the round, as did growth equity firms Idinvest Partners and GR Capital. AmRest invested $29m according to Bloomberg, and sources told La Vanguardia the round valued Globo at more than $348m.
Glovo runs an express on-demand delivery service that enables clients to get packages or food delivered by one of a network of independent licensed couriers. Alternatively, individuals can use the service to get food or other consumer items delivered to them quickly.
The company’s app is currently available in about 60 cities across 17 countries in Europe, the Middle East and Africa, with 20 of those cities being added in the past three months. It plans to use the funding to support more international growth and to hire some 100 engineers.
Oskar Mielczarek de la Miel, managing partner at Rakuten’s corporate venturing unit, Rakuten Capital, told TechCrunch: “Delivery is becoming increasingly global in reach.
“At Rakuten Capital, we are very excited about outstanding companies like Glovo, which continue to strike a mark by operating with utmost efficiency and filling an obvious gap in demand in Southern Europe, [Latin America] and beyond.”
Cathay Innovation and Rakuten Capital co-led Glovo’s last round, a $35m series B closed in October 2017 that included financial services firm La Caixa’s VC arm, Caixa Capital Risc, as well as Seaya Ventures, Bonsai Venture Capital and Entreé Capital.
The company had previously received $7.7m from Caixa Capital Risc, Seaya Ventures, Entreé Capital, Bonsai Venture Capital, Antai Venture Builder, Cube Investments and assorted angel investors across two rounds in 2015 and 2016.