Glovo has successfully raised $526.9 million over seven funding rounds, achieving a valuation of over $1 billion. The platform offers a versatile delivery service, connecting users with couriers to deliver a wide range of items, including food, groceries, and pharmacy products.
Keep reading to explore the intricacies of Glovo's fundraising journey and the investors backing this innovative platform.
What Is Glovo?
Glovo, founded in Spain in 2015, is a mobile application that allows users to outsource their daily errands to delivery people. The app connects users with independent couriers, known as glovers, who can acquire and deliver products from various local businesses, including restaurants, laundries, and stores.
The company was co-founded by Miguel Vicente, Gerard Olivé, Sacha Michaud, and Oscar Pierre. Glovo's platform features real-time GPS tracking and a convenient payment system, ensuring that users are charged only once the product is delivered.
With a workforce of 1001-5000 employees, Glovo operates in multiple countries, offering a versatile delivery service that aims to deliver items in minutes.
How Much Funding Has Glovo Raised?
- Series A Round
- Amount Raised: Approximately $5.5 million
- Date: August 2016
- Lead Investors: Antai Venture Builder, Seaya Ventures, Entreé Capital, Caixa Capital Risk, Bonsai Venture Capital
- Motivation Behind the Round: Consolidate presence in existing markets (Spain, Italy, France) and build out the platform, with a focus on increasing non-food item deliveries to improve margins.
- Series B Round
- Amount Raised: Approximately $35 million
- Date: October 2017
- Lead Investors: Rakuten Capital, Cathay Innovation
- Motivation Behind the Round: Strengthen market position, invest in technology platform, optimize synergy between users, glovers, and stores, and support international expansion.
- Series C Round
- Amount Raised: $134 million
- Date: July 2018
- Lead Investors: Rakuten Capital, Seaya Ventures, Cathay Innovation
- Valuation at Round: More than €300 million
- Motivation Behind the Round: Optimize the platform and technology, improve services for riders, users, and associated stores, expand the tech team, and fuel global expansion.
Glovo has raised a total of $174.5 million and achieved a valuation of over €300 million.
Key Investors
- Rakuten Capital
- Details: Rakuten Capital is the corporate venture capital arm of Rakuten Group, a global leader in internet services. They focus on investing in innovative companies that can leverage Rakuten's ecosystem.
- Investment Focus Areas: Technology, e-commerce, fintech, digital content
- Notable Investments: Lyft, Pinterest, Cabify
- Seaya Ventures
- Details: Seaya Ventures is a Spanish venture capital firm that invests in early and growth-stage technology companies. They aim to support entrepreneurs in Southern Europe and Latin America.
- Investment Focus Areas: Early and growth-stage technology companies in Southern Europe and Latin America
- Notable Investments: Cabify, Wallapop, Spotahome
- Cathay Innovation
- Details: Cathay Innovation is a global venture capital firm that partners with startups to drive digital transformation. They are part of the Cathay Capital group, which has a strong presence in Europe, North America, and Asia.
- Investment Focus Areas: Technology-driven companies in fintech, healthtech, mobility
- Notable Investments: Chime, Ledger, Trifacta
- Entreé Capital
- Details: Entreé Capital is a venture capital firm that provides multi-stage funding for innovative startups. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Early-stage technology companies in fintech, SaaS, consumer internet
- Notable Investments: Monday.com, Stripe, Deliveroo
- Caixa Capital Risk
- Details: Caixa Capital Risk is the venture capital arm of CriteriaCaixa, focusing on early-stage investments. They support innovative companies with high growth potential.
- Investment Focus Areas: Early-stage companies in technology, life sciences, industrial sectors
- Notable Investments: Privalia, Wallapop, Scytl
What's Next for Glovo?
Glovo's future is brimming with opportunities, particularly in expanding its footprint in Latin America and the EMEA regions. With strategic partnerships, such as those with large restaurant operators like AmRest, and a focus on enhancing its technology platform, the company is poised to capture significant market share in the on-demand delivery sector.
Given the strong investor interest demonstrated in its Series C round, Glovo is well-positioned for future fundraising opportunities. This financial backing will be crucial as the company navigates the competitive landscape, facing challenges from established players like UberEats and Deliveroo, and contends with evolving gig economy regulations in Europe.
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