Glovo, on-demand delivery startup, closed a Serie D round with which it obtained 150M €. Lakestar, a venture capital firm, and Drake, owner of Papa John’s supported the operation.
With this capital, Glovo will seek to “reinforce global growth.”
“Glovo will focus on expanding its team of engineers and expanding new innovative projects such as SuperGlovo – a kind of own supermarket reserved for home deliveries – to become the application that gives you what you want in your city,” highlighted these same sources.
Latin America is one of the priority markets for the company, which is in full expansion phase. Glovo enters operations “in a new city every four days.”
Among Glovo’s innovative ideas are “ghost kitchens” where dishes are prepared only for orders at home. This model already works in some Spanish cities.
“Latin America is a key region for Glovo, and this new injection of funds will allow us to continue investing in the region, consolidating our position in the markets where we already achieved a successful operation and expanding our presence to new countries and cities,” Oscar said. Pierre, one of the co-founders. “Glovo continues to climb rapidly, and we have great ambitions for this investment round. Our main priority is to invest in our people. “
Dharmash Mistry, a Lakestar partner, said: “We are pleased to invest behind Oscar and the Glovo team. In just three years they have managed to build an important company and brand delivery on-demand in a large number of countries. The ambition to deliver “anything” in less than 30 minutes will continue to change the behavior and habits of food shopping, supermarket, and much more “.
Last year, Glovo raised $ 134M in Series C from Seaya Ventures, Cathay Innovation, and Rakuten Capital, with total funds to date of $ 322M.
Glovo withdraws from the Chilean market
However, not everything has been good news for Glovo. This Wednesday they announced that they would withdraw from the Chilean market to focus on other regions of Latin America. The Uruguayan PedidosYa absorbed the startup.
The transfer took place without friction since Delivery Hero is a shareholder of both platforms. With this operation, PedidosYa becomes a leader in on-demand delivery in Chile.
Glovo also left the Brazilian market in February of this year due to the high competition.