Barcelona-based unicorn Glovo lands €450 million in series F funding, the largest in Spanish startup history

dan@tech.eu

Barcelona-based multi-category delivery service Glovo has entered the history books with their €450 million series F funding round.

The round was led by Lugard Road Capital and the Luxor Capital Group and saw participation from follow on investors Delivery Hero, Drake Enterprises and GP Bullhound

The largest funding round for a Spanish startup to date, Glovo is expected to use the investment to expand presence in their existing 20 markets, and focus more intently on the Q-Commerce (short for Quick Commerce) division.

Just over two months ago, Glovo announced their €100 million partnership with Geneva-based real-estate developer Stoneweg in order to beef up the network of dark stores. In little more than a month later, Glovo announced the appointment of former vice-president of engineering at American Express CTO Narek Verdian in a move to develop dark store tech.

Presumably, Verdian will deploy  newly developed technologies within the Q-Commerce division, a key part of the Glovo strategy. 

With players Gorillas and Dija now joining the  get-it-to-my-door-faster grocery space, i.e 10 minutes or less, Glovo is anticipating a permanent shift in consumer habits, and wants in on the action. The firm already has deals in place with supermarkets including Carrefour, Continente, and Kaufland, but is reportedly seeking similar strategic partnerships, offering it’s 10 million users more shopping options.

Glovo currently operates dark stores in Barcelona, Madrid, Lisbon and Milan, and has plans to tackle Valencia, Rome, Porto and Bucharest in the near future with the goal to have 200 dark stores by the end of 2021.

“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,” comments Glovo CEO and co-founder Oscar Pierre.

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