Delivery platform Glovo raises $168M for expansion |Exists the Egyptian market

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Glovo, a Barcelona-based on-demand delivery startup has raised €150 million ($168 million) in a series D round of funding led by Lakestar, with participation from Drake, Korelya, and Idinvest even as it shuts shop in Egypt.

This latest raise will be help the 2015 founded firm to hire more engineers and expand its product portfolio. In the meantime, Glovo, which operates in Kenya, has groceries, electronics, restaurant meals and pharmaceutical goods.

Lakestar partner Dharmash Mistry will join Glovo’s board of directors after the investment.

“Our aim is to lead in every market we enter and provide an on-demand experience that delivers for our customers, Glovers [couriers], and partners,” said Pierre. “We believe innovations such as dark supermarkets, as well as our appetite to innovate to provide everything through one app for city dwellers, give us a significant competitive advantage in the market for the year ahead.”

Ten months ago, Glovo raised €115 million (~$134M) Series C round of funding led by Rakuten  Capital, Seaya Ventures and Cathay Innovation, which also participated in Glovo’s €30M Series B earlier.