The Glovo home delivery platform has closed a financing round of 450 million euros with the aim of continuing to expand its ‘dark stores’, physical supermarkets that only offer online service. The round has been led by New York-based investment managers Lugard Road Capital and Luxor Capital Group, and is the largest ever carried out by a start-up in Spain.
According to the company’s statement, this round has also featured the participation of previous investors such as Delivery Hero, Drake Enterprises and GP Bullhound, “thus reflecting the growing interest in the potential of Glovo and on-demand services.”
With this financing, Glovo explains that it will focus on expanding its presence in the twenty markets in which it currently operates. In addition, it will also focus on the growth of its Q-Commerce division. This area focuses on ultra-fast deliveries of products from supermarkets and other categories, such as beauty or toys, being an important part of its strategic commitment to multi-category deliveries in these markets.
With these deliveries in less than thirty minutes, Glovo aims to solve logistics problems with the last mile of online deliveries. Thus, the company has some ghost supermarkets of its own and already at the beginning of the year reached a 100 million euro agreement with the Swiss company Stoneweg to promote this network of ‘dark stores’. In addition, within the supermarket category, the platform has agreements with some brands, such as Dia and Carrefour.
For Óscar Pierre, co-founder of Glovo, the financing round “will allow us to grow in our main markets, accelerate our leadership position in places where we are already very strong, continue to expand our Q-commerce division and bring more innovation to our multi-category offering ».