Glovo announces record breaking Series F funding round
On-demand delivery venture, Glovo, has raised €450 million in what it calls the largest financing round secured by a Spanish startup.
The Series F was led by New York-based investment managers Lugard Road Capital and the Luxor Capital Group.
Existing investors Delivery Hero, Drake Enterprises and GP Bullhound also participated.
It brings total funding to more than €900 million.
Glovo will use the Series F cash to expand further in the 20 markets where it operates and to focus on its Q-Commerce division.
RTIH Innovation Awards
Glovo was highly commended in the 2020 RTIH Innovation Awards Supply Chain Innovation category.
The award celebrates companies that are re-inventing and re-thinking retail supply chains via advancements in technology.
IBM took home the gold for its work with Kaya&Kato, a textile company that manufactures uniforms and work wear.
However, Glovo ran Big Blue a close second with the launch of Q-Commerce, which focuses on delivering the likes of groceries, toys, books, flowers and beauty products within cities in 30 minutes or less.
It says that this is made possible by its development of virtual dark stores - Glovo Market - that cater specifically for third parties.
These are currently located in Barcelona, Madrid, Lisbon and Milan. Glovo is aiming to have launched more than 100 dark stores by the end of 2021.
Glovo Market has over 50,000 active users, delivering around two orders every minute. Delivery is free, there’s no minimum purchase, and it’s open to users 24 hours a day.
Our judging panel praised “an important step into the future of retail” and virtual dark stores “moving supply chain to the next level and enabling fulfilment/delivery in 30 mins or less, taking consumer convenience to a new level as well.”
