Softbank’$100B Vision Fund is set to take substantial stake in Glovo, a Barcelona based online delivery start-up which rivals Sendy, Uber Eats, Bolt and various other players in Egypt, Kenya, Nigeria according to a report by Sky News.
SoftBank‘s $100bn Vision Fund is said to be in preliminary talks with the Japanese company’s founder Masayoshi Son and Glovo CEO Oscar Pierre.
If SoftBank were to proceed with an investment in the delivery platform, it would commit several hundred million dollars to the business.
The reports come after Glovo recently raised $150 million in a Series D funding round, bringing the amount that it has received since its incorporation almost five years ago to around $285 million.
Since being established two years ago, the Vision Fund – which is backed by Saudi Arabia’s state investment vehicle, Apple and Qualcomm – has taken stakes in dozens of start-ups. SoftBank has already taken stakes in a number of delivery startups, including Uber Eats, GrabFood, Grofers and ParkJockey.
Glovo, which is based in Barcelona, differs from food delivery rivals in that it also handles orders for items including groceries and pharmaceuticals.
The firm recently launched in Nairobi’s Central Business District with an innovative approach using skaters who can move to and from restaurants and offices to fulfill orders on behalf of Glovo.
“We are pleased to let you know that we are live and delivering in CBD. You can now enjoy deliveries within minutes right from CBD. In addition, enjoy free deliveries until 20th July on all CBD orders,” the company said in an interview with TechMoran. Adding that apart from its popular food category users can order for anything through its Anything button and have it delivered to them within minutes. ️