Food delivery app Glovo becomes Spain’s latest unicorn after $167m raise

Ben Heathcote

In App Deals. December 19, 2019

 

Glovo, the on-demand food delivery app headquartered in Barcelona, has closed a €150 million ($166m) funding round. Abu Dhabi’s sovereign wealth fund Mubadala was the lead investor, alongside existing backers including Drake Enterprises, Lakestar and Idinvest.

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. The latest investment follows a €150 million Series D funding round in May 2019, which was led by Lakestar and Drake Enterprises. It brings the company’s valuation to over $1 billion.

Oscar Pierre, co-founder and CEO of Glovo, said:

“To have achieved unicorn status is something truly exciting and a testament to the talent within the company, and their determination to keep innovating and disrupting the on-demand delivery space. Despite our rapid growth and new status, we still have the same vision we’ve always had: to make everything within the city instantly available to our customers.”

Frederic Lardieg, partner in the Ventures Europe team at Mubadala Capital, added:

“In June 2018, Mubadala launched a €400 million fund to invest in leading European technology companies like Glovo. Our investment is a testament to our commitment to the European tech market and we are excited to lead this Series E funding round to enable Glovo to grow their team and support the expansion of their offering.”

Glovo will use the money to advance its technology and build out multi-category delivery offerings. It also plans to create more partnerships to expand its groceries category, as well as invest in its own dark supermarkets.

The company currently operates seven dark stores in Europe and Latin America — with locations in Barcelona, Madrid, Buenos Aires and Lima — and plans to open 100 by 2021.