Glovo, a Barcelona, Spain-based on-demand delivery app, raised €150m (approx. $169M) in Series D funding.
The round was led by Lakestar with participation from Drake, Idinvest Partners, and Korelya Capital. Dharmash Mistry, Partner at Lakestar, will be joining the Glovo board, in conjunction with the funding.
The company intends to use the funds to:
– bolster its global growth in new markets across Africa, Europe and Latin America,
– scale its team of engineers, and
– expand on-demand innovations including its groceries capabilities and dark supermarkets.
Founded in January 2015 by CEO and co-founder Oscar Pierre, and co-founder Sacha Michaud, Glovo provides an on-demand app to deliver everything from food, to groceries and pharmaceutical items in the same city.
Glovo will invest in growing delivery categories beyond food, including laundry, alcohol, pharmacy products and groceries. To accelerate the growth of these categories further, the startup is investing in it groceries vertical, building dark supermarkets, enabling groceries to be delivered to customers within 20 minutes of placing the order. The stores stock up to 1,000 items for Glovers to collect for customers in Barcelona and Madrid.
The company, which operates in 124 cities across 21 countries, including EEMEA, LATAM, and most recently in Sub Saharian Africa, now employs over 1,000 people, 400+ in the Barcelona HQ. Over 35,000 active Glovers make money from the platform.