Glovo, the fast-growing on-demand delivery company from Spain, has raised €150 million in Series E funding. The latest round was led by Mubadala, with further support from previous investors Drake Enterprises, Idinvest and Lakestar. With the Series E, Glovo has become a unicorn, Spain’s second company to surpass a $1 billion valuation.
The Barcelona-based business — which delivers everything from food to groceries and pharmaceutical items — has consolidated its position within its markets, which include Europe, Latin America and Africa. It’s among the top two delivery players in 24 of the 26 countries in which it operates. Glovo recently entered the Polish market, acquiring Pizza Portal in a €35 million deal and investing in a second technology hub in Warsaw.
In addition to advancing its technology and building out multi-category delivery offerings, the company will seek more partnerships to expand its groceries category, similar to its deal with Carrefour, and invest in its own dark supermarkets. The company currently operates seven dark stores in Europe and Latin America — with locations in Barcelona, Madrid, Buenos Aires and Lima — and plans to open 100 by 2021.
Oscar Pierre, co-founder and CEO of Glovo, said: “To have achieved unicorn status is something truly exciting and a testament to the talent within the company, and their determination to keep innovating and disrupting the on-demand delivery space. Despite our rapid growth and new status, we still have the same vision we’ve always had: to make everything within the city instantly available to our customers.”
Frederic Lardieg, Partner in the Ventures Europe team at Mubadala Capital, said: “In June 2018, Mubadala launched a €400 million fund to invest in leading European technology companies like Glovo. Our investment is a testament to our commitment to the European tech market and we are excited to lead this Series E funding round to enable Glovo to grow their team and support the expansion of their offering.”