Spain-based courier delivery network operator Glovo has raised €25m ($29.4m) from investors including e-commerce group Rakuten, La Vanguardia reported on Thursday, citing unnamed sources.
The round, which is yet to be officially confirmed, also included an undisclosed fund and unnamed, existing shareholders.
Founded in 2014, Glovo operates a mobile app that facilitates on-demand local delivery services, with freelance couriers picking up goods and delivering them to private users and businesses within an hour.
The funding will go towards the company’s continued international expansion. In addition to Barcelona, Bilbao, Madrid, Malaga, Palma, Seville, Valencia and Zaragoza in Spain, the company is also already active in Milan, Paris and Rome.
Glovo secured €5m in an In August 2016 series A round backed by Caixa Capital Risc, an investment arm of financial services firm La Caixa, as well as Antai Venture Builder, Seaya Ventures, Entrée Capital, Bonsai Venture Capital and unnamed existing investors.
Antai Venture Builder and Cube Investments had previously contributed to a €2m funding round for Glovo in 2015 alongside assorted angel investors.