Delivery startup Glovo picks up $167M Series E
December 20, 2019
On-demand delivery startup Glovo has closed its Series E on €150 million (around $167 million), pushing its valuation to more than $1 billion. UAE sovereign wealth fund Mubadala led the round, with support from existing investors Drake Enterprises, Idinvest Partners and Lakestar.
Barcelona-based Glovo has raised more than €400 million in total VC financing since launching in 2015, and this is the company's third mega-round in the past 18 months. Earlier this year, Glovo received a €150 million Series D that reportedly valued it at some €850 million. And in July 2018 the startup secured €115 million.
The new round will help Glovo boost its global presence. Already operating in 288 cities across Europe, Latin America and Africa, the startup recently sealed a €35 million deal to acquire PizzaPortal, which is located in Poland—the location of Glovo's second tech hub. The delivery company is also planning to hire 300 engineers by the middle of next year and hopes to strengthen its focus on groceries by opening 100 dark supermarkets—retail distribution centers that are used exclusively for online shopping.
The fundraise comes at the end of a busy year for delivery providers. Amazon led a $575 million round for Deliveroo in May and DoorDash wrapped up a $400 million financing in February.
Barcelona-based Glovo has raised more than €400 million in total VC financing since launching in 2015, and this is the company's third mega-round in the past 18 months. Earlier this year, Glovo received a €150 million Series D that reportedly valued it at some €850 million. And in July 2018 the startup secured €115 million.
The new round will help Glovo boost its global presence. Already operating in 288 cities across Europe, Latin America and Africa, the startup recently sealed a €35 million deal to acquire PizzaPortal, which is located in Poland—the location of Glovo's second tech hub. The delivery company is also planning to hire 300 engineers by the middle of next year and hopes to strengthen its focus on groceries by opening 100 dark supermarkets—retail distribution centers that are used exclusively for online shopping.
The fundraise comes at the end of a busy year for delivery providers. Amazon led a $575 million round for Deliveroo in May and DoorDash wrapped up a $400 million financing in February.