This archive report was first published on 6 January 2020.
January 6, 2020 - Glovo, a leading on-demand delivery firm, has announced a significant milestone in its growth journey with the securing of €150 million in Series E funding. This investment, led by Mubadala, with support from previous investors Drake Enterprises, Idinvest, and Lakestar, will enable Glovo to accelerate its growth and expand its global reach.
According to Mr. Oscar Pierre, Co-founder and CEO of Glovo, the company is pleased to welcome Mubadala as an investor and to further strengthen its position within the industry. 'We're very pleased to welcome Mubadala as an investor, as well as to further strengthen our position within the industry,' Mr. Pierre said.
Glovo has secured its status as a unicorn, making it only the second privately held business in Spain to surpass a $1 billion valuation. The company has consolidated its position within its markets, which include Africa, Europe, and Latin America.
Instant Delivery ¶
Mr. Pierre expressed his excitement about achieving unicorn status, stating, 'To have achieved unicorn status is something truly exciting and a testament to the talent within the company, and their determination to keep innovating and disrupting the on-demand delivery space.'
Glovo 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. The company aims 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.
Strategic Partnerships ¶
To spur growth of its groceries category, Glovo will continue to seek strategic partnerships, similar to its deal with Carrefour. Frederic Lardieg, Partner in the Ventures Europe team at Mubadala Capital, stated, 'In June 2018, Mubadala launched a €400 million fund to invest in leading European technology companies like Glovo.'
Mr. Lardieg added, '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 their team and support the expansion of their offering.'
