Delivery startup Glovo raises €450m in record-breaking funding rund

Spanish delivery startup Glovo has raised €450m ($529m/£384m) in a funding round led by Lugard Road Capital and Luxor Capital Group, taking the total funding it has raised since it was founded 2015 to over $1bn.

The Barcelona-based company will use the investment to expand its footprint in the markets it already operates in and to grow its Q-Commerce division, which focuses on ‘ultra-fast’ delivery.

The Series F funding round, which is said to be the largest in Spanish history, also included participation from returning investors including Delivery Hero, Drake Enterprises, and GP Bullhound.

“We’re thrilled to have the continued backing of Luxor Capital Group and all of our existing investors,” said Oscar Pierre, Co-founder and CEO of Glovo. “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, as well as bring new innovations to our unique multi-category offering to extend more choice to our customers.”

Glovo offers ultra-fast, 10-minute deliveries through its Q-Commerce division’s network of ‘dark stores’. There are currently dark stores operating in Barcelona, Madrid, Lisbon, and Milan, with similar stores set to open in Valencia, Rome, Porto, and Bucharest, among other cities. Glovo is aiming to have 200 dark stores by the end of the year.

Glovo currently operates in Spain, Italy, Peru, Ukraine, Romania, Ecuador, Georgia, Costa Rica, Portugal, Poland, Morocco, Guatemala, Kazakhstan, Croatia, Kenya, Cote D’Ivoire, Honduras, Serbia, Moldova, Uganda, and Kyrgyzstan.