Glovo reaches unicorn status after major funding round
Barcelona-based on-demand delivery startup Glovo has closed a €150 million ($167 million) Series E funding round, led by Mubadala, with support from previous investors Drake Enterprises, Idinvest and Lakestar.
This comes just eight months after a €150 million Series D investment, and takes its total raised to more than $500 million since launching four years ago. The company also claims a valuation of more than $1 billion.
It recently entered the Polish market, acquiring Pizza Portal in a €3 5million deal and investing in a second technology hub in Warsaw. It plans to expand its global tech team by hiring 300 additional engineers by mid-2020, with 40 dedicated engineers and 50 tech and product experts to be based in its new Warsaw office.
Glovo, which delivers beverages, pharmaceutical products and other everyday items, also plans to reduce the waiting time for couriers and customers, and open new dark stores and cook rooms.
To boost its groceries category, Glovo will seek partnerships similar to its deal with Carrefour and invest in its own dark supermarkets. It 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.
“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,” says Oscar Pierre, Co-founder and CEO, Glovo.
“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.”