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Home Startups Glovo raises $528M Series F to double-down in its core markets in Europe & Africa

Glovo raises $528M Series F to double-down in its core markets in Europe & Africa

by Milcah Lukhanyu
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Glovo, Europe and Africa’s multi-category delivery player has raised (€450M) $528M in its Series F funding round, the largest funding in history for a Spanish startup, to expand its footprint in the 20 markets in which it currently operates.

The funding will also fuel Glovo’s Q-Commerce division and deepening its unique multi-category offerings in all the markets in which it operates. The funding was led by New York-based investment managers Lugard Road Capital and the Luxor Capital Group.

Oscar Pierre, Co-founder and CEO of Glovo, said: “We’re thrilled to have the continued backing of Luxor Capital Group and all of our existing investors. Over the last few months, we’ve moved very, very quickly but our vision remains unchanged. This investment will allow us to double-down in our core markets, accelerate our leadership position in places where we are already very strong and continue to expand our excellent Q-Commerce division, as well as bring new innovations to our unique multi-category offering to extend more choice to our customers.”

In Kenya, Glovo Kenya has reduced its minimum delivery prices for food by 50% to KES 50 and groceries by 18% to KES 165 to grow its local userbase during the pandemic where most stores and restaurants are required to offer takeaway services to avoid the spread of COVID-19.

The company, which has a strong base of more than 10 million users and a marketplace of premier partners, is paying particular attention to growing its groceries and retail categories through key local partnerships. In its biggest cities, it is already able to provide ultra-fast last-mile delivery within 10 minutes, as the company anticipates a permanent shift in consumer habits towards same-day and instant delivery. To spur on the growth of its grocery category, Glovo will continue to seek strategic partnerships similar to its deals with supermarkets such as Carrefour and Naivas.

Jonathan Green, Founder and Portfolio Manager at Lugard Road Capital, said: “Our investment in Glovo reflects our commitment to a company and leadership team that continues to innovate and disrupt in the on-demand delivery space. As a long-term investor in Glovo, we are excited to watch the company continue to delight its customers through its unique multi-category offering, amidst an enormous market opportunity in both existing and new geographies.”

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