Glovo, the on-demand delivery app based in Barcelona, has secured €150 million Series D funding. The round was led by venture capital firm Lakestar and Drake Enterprises, owner of pizza franchise Papa John’s.
The round also had support from new investors Idinvest Partners and Korelya Capital. The company plans to use the investment to bolster its global growth as it looks to launch in new markets across Europe, Africa and Latin America.
Founded in 2015 by CEO Oscar Pierre and Sacha Michaud, Glovo now employs more than 1,000 people and it is the fastest-growing delivery player in Latin America and EMEA. It will also focus on scaling its team of engineers and expanding on-demand innovations including its groceries capabilities and ‘dark supermarkets’.
Oscar Pierre said:
“Glovo continues to scale rapidly and we have big ambitions for this round of investment. Our main priority is to invest in our people – our team have been fundamental to our success to date and as we grow we need an even bigger team of engineers to meet the demand we’re experiencing.
“Our aim is to lead in every market we enter and provide an on-demand experience that delivers for our customers, Glovers and partners. We believe innovations such as dark supermarkets, as well as our appetite to innovate to provide everything through one app for city dwellers, gives us a significant competitive advantage in the market for the year ahead.”
Dharmash Mistry, partner at Lakestar, added:
“We are excited to invest behind Oscar and the Glovo team. 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 has secured €285m funding to date. The firm has more than 5.5 million unique users and 16,000 associated partners. It operates in 124 cities across 21 countries.