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Glovo scores €450m to ramp up e-commerce deliveries

Glovo scores €450m to ramp up e-commerce deliveries Image: Glovo The company is investing heavily in its ‘q-commerce’ business for retail and supermarket deliveries in several European cities. Spanish on-demand delivery company Glovo has raised €450m in a Series F round to double down on its operations in existing markets and go beyond food delivery. The round was led by Lugard Road Capital and Luxor Capital Group, with Delivery Hero, Drake Enterprises and GP Bullhound returning to back the company again. According to Glovo, the new funds will be invested in expanding its presence in the 20 markets it currently operates in to take advantage of the surge in online delivery demand over the last year.

Investors deliver 450 million euro financing for Spain s Glovo

By Reuters Staff 2 Min Read FILE PHOTO: Glovo deliver rider passes by a pedestrian area in Barcelona, Spain, February 23, 2021. Picture taken February 23, 2021. REUTERS/Albert Gea MADRID (Reuters) - Delivery app Glovo said on Thursday it had raised an additional 450 million euros ($528 million), calling it the largest financing round secured by a Spanish start-up. Glovo, based in Barcelona, has seen demand soar during the COVID-19 pandemic, as locked-down customers turned to its quick delivery service that provides everything from food to toiletries. It currently has some 10 million users. Glovo said it would use the funds to expand further in the 20 markets where it operates. It will also focus on its Q-commerce division as part of a goal of growing ultra-fast deliveries across the 850 cities where the app operates.

Glovo CEO Planning IPO In Next Two Years After Raising $530 Million Round

Glovo CEO Planning IPO In Next Two Years After Raising $530 Million Round Glovo Glovo’s cofounder and CEO Oscar Pierre has big plans for the “delivery anything” courier app after raising a $530 million round, smashing its own record for the largest fundraise in Spain.  Pierre, 28, wants to take the Spanish unicorn to at least 10 new countries in the next 18 months, while rolling out a network of hundreds of “dark stores” used to ship groceries, electronics and prescriptions within a 10-minute window.   One option not on the table for Barcelona-based Pierre was a sale of the six-year-old business that has grabbed the top spot for the food, and now grocery delivery market, in parts of Europe and Africa. Glovo’s acquisitive investor Delivery Hero, which took part in the Series F round, snapped up its Latin American operations last year in a $272 million deal and has bought out scores of smaller delivery apps. 

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