Investors provide € 450 million financing for Spain’s Glovo By Reuters

© Reuters.  Orbimed Advisors reduced stake in 89bio

© Reuters. FILE PHOTO: Glovo delivers bicycle passes through a pedestrian zone in Barcelona

MADRID (Reuters) – Delivery app Glovo said on Thursday it had raised an additional 450 million euros ($ 528 million), calling it the largest round of financing secured by a Spanish startup. Barcelona-based Glovo has seen demand skyrocket during the COVID-19 pandemic, as blocked customers turned to its express delivery service that offers everything from food to toiletries. It currently has about 10 million users. Glovo said it would use the funds to further expand in the 20 markets where it operates. It will also focus on its Q-commerce division as part of a goal to increase ultra-fast deliveries in the 850 cities where the app operates. So-called fast trade has exploded last year as the pandemic put a new value on ultra-fast deliveries of food and goods from relatively local warehouses. Investors were quick to get in on the delivery apps action, but Deliveroo’s highly anticipated IPO on the London Stock Exchange on Wednesday sent shares in the British delivery company plummeting by as much as 30%. , cutting more than 2 billion pounds. the valuation of the company. “This investment will allow us to grow in our core 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,” said Oscar Pierre, CEO of Glovo. it said in a statement. Glovo raised the latest investment in a new Series F funding round led by Lugard Road Capital and New York-based Luxor Capital Group. Delivery Hero, Drake Enterprises and GP Bullhound also participated in the round. All are previous investors in Glovo. The company did not provide a business valuation, but Spanish financial daily Expansión cited a figure of 2 billion euros. ($ 1 = 0.8525 euros)

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