The Spanish on-demand delivery start-up reaches unicorn status after securing €150M in Series E funding, led by Mubadala.
The latest round of investment sees Glovo consolidate its position in the market and cement its status as a global leader in the on-demand delivery sector, as it moves towards profitability.
Barcelona, 20 December 2019 — Glovo, one of the world’s fastest-growing on-demand delivery players, announced €150 million ($167 million) in Series E funding. The latest round of investment is being led by Mubadala, with further support from previous investors Drake Enterprises, Idinvestand Lakestar.Following the close of its most recent investment round, the company has secured its status as a unicorn, making it only the second privately held business in Spain to surpass a $1 billion valuation.The Barcelona based start-up — 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 is among the top two delivery players in 24 of the 26 countries in which it operates and has consolidated itself as a global leader in the on-demand delivery sector.
Fuelling technology talent across European tech hubs As Glovo scales globally, it is committed to taking its engineering capabilities and technology systems to the next level. The company recently entered the Polish market, acquiring Pizza Portal in a €35 million deal and investing in a second technology hub in Warsaw. It plans to expand its global tech team by hiring 300 additional engineers by mid-2020, with 40 dedicated engineers and 50 tech and product experts to be based in its new Warsaw office.By channelling the new investment towards the expansion of its tech team, the start-up will continue to strengthen its tech offering by further streamlining its user experience, reducing the waiting time for couriers and customers, and opening new dark stores and cook rooms.
More focus on groceries and partnerships with leading retailersGlovo will continue to innovate in the delivery sector and build out its multi-category offerings, delivering beverages, pharmaceutical products and other everyday items. To spur on the growth of its groceries category, Glovo will continue to seek strategic partnerships, 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: “We’re very pleased to welcome Mubadala as an investor, as well as to further strengthen our position within the industry.“To have achieved unicorn status is something truly exciting and a testament to the talent within the company, and its 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 its team and support the expansion of its offering.”
About Glovo
Glovo is an app that allows you to buy, collect and send any product within the same city in under an hour. It has more than 1.8 million active users monthly and 25,000 associated partners. Glovo operates in 288 cities across 26 countries, including EMEA, LATAM, and most recently in Sub-Saharan Africa. Glovo currently employs over 1,500 people globally, with 600+ in the Barcelona HQ, and over 50,000 active Glovers make money from the platform.
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi.Mubadala’s US $229 billion portfolio spans five continents with interests in multiple sectors including aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings across all asset classes. Mubadala has offices in Rio de Janeiro, Moscow, New York and San Francisco, with a joint venture in Hong Kong.Mubadala is a trusted partner, an engaged shareholder and a responsible global company that is committed to world-class standards of governance.
About Seaya Ventures
Based in Madrid, Seaya Ventures has been backing the best entrepreneurs and teams from Spain and Latin America since 2013. Seaya focuses on supporting founders in scaling their businesses enabling them to become global leaders.
