Returning investors Drake Enterprises and Delivery Hero took part in a late-stage round boosting the local delivery service's valuation to a reported $2.35bn.
Spain-headquartered delivery services provider Glovo secured €450m ($529m) today in a series F round that included pizza chain franchisee Drake Enterprises and food delivery service Delivery Hero.
Hedge fund manager Luxor Capital Group co-led the round with affiliate Lugard Road Capital, and it also featured technology-focused investment adviser GP Bullhound. The cash was raised at a $2.35bn valuation, people familiar with the matter told the Wall Street Journal.
Founded in 2015, Glovo operates an app-based on-demand logistics service spanning 20 cities and delivering consumer goods such as food, groceries and gifts.
The funding will support expansion in Glovo’s existing markets in addition to its Q-Commerce offering, which promises delivery times under 30 minutes for certain items, utilising a network of strategically placed dark stores.
The company has already opened dark stores in the cities including Madrid, Barcelona, Milan and Lisbon, intends to expand them to Valencia, Rome, Porto and Bucharest…
