GP Bullhound has made a follow-on investment in Glovo, one of the world’s leading multi-category delivery players, as part of a Series F funding round of EUR450 million (USD530 million) led by Luxor Capital Group, with participation from existing investors including Delivery Hero and Drake Enterprises.
Founded in Barcelona in 2015, Glovo is a pioneering multi-category delivery app and one of the world’s leading delivery platforms. It operates in Southern Europe and EEMEA, connecting users with restaurants, grocery chains, pharmacies and retail stores.
Following this latest funding round, the largest in history for a Spanish startup, Glovo will invest in expanding its footprint in the 20 markets in which it currently operates. The company will also focus on growing its newly-launched Q-Commerce division, which forms a significant part of its strategic commitment to multi-category deliveries in these markets.
Oscar Pierre, Co-founder and CEO of Glovo, says: “We’re thrilled to have the continued backing of GP Bullhound and all of our existing investors. Over the last few months, we’ve moved very, very quickly but our vision remains unchanged. This investment will allow us to double-down in our core markets and accelerate our leadership position, continue to expand our excellent Q-Commerce division, as well as bring new innovations to our unique multi-category offering to extend more choice to our customers.”
Joakim Dal, Partner at GP Bullhound, adds: “As long-standing investors in the company, we are excited to continue supporting Glovo. There is currently a tremendous momentum in the online delivery sector, and we strongly believe in Glovo’s power of innovation, and its vision of delivering anything, anywhere.”
GP Bullhound invested through Fund V, following other recent investments including Wallapop, Discord, Vivino, Elias, DuckDuckGo and MariaDB.