Delivery Startup Glovo Raises $528 Million in Series F

By Mariliana Fotopoulou Thursday, April 1, 2021

Glovo, the Spain-based delivery startup business, says it has raised €450 million ($528.4 million) in its Series F funding round led by Lugard Road Capital and the Luxor Capital Group.

A Glovo delivery courier on a bike.

Focus on Q-Commerce Business Division

In addition to Lugard and Luxor, the startup company has also attracted returning investors, namely Delivery Hero, Drake Enterprises, and GP Bullhound. Glovo said that the latest funding round demonstrates significant growth potential in the online delivery sector as well as the strong appetite from existing shareholders to invest in the emerging companies.

The proceeds from the Series F, which is the largest in history for a Spanish startup, will enable Glovo to expand its customer base in the 20 markets in which it operates at the moment. Moreover, the company will focus on the further developments of the new business division “Q-Commerce.”

This business unit is likely to play a pivotal role in the expansion of Glovo as the startup looks to offer multi-category delivery services in these markets.

“This investment will allow us to double-down in our core markets, accelerate our leadership position in places where we are already very strong and 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,” Oscar Pierre, co-founder and CEO of the startup company, said in a press release.

The Q-Commerce business sector represents a new battlefield in the ultra-competitive delivery space. Companies operating in this space are deploying the latest technology to further enhance the ultra-fast delivery services.

Glovo’s business unit is focused on providing a 30-minute delivery of goods from retail brands and supermarkets. In this context, the startup company formed business partnerships with Unilever, Nestle, L’Oreal, as well as supermarket chains like Walmart and Carrefour.

"With shops closing down and lockdowns globally, consumers now want and expect more items than ever to be delivered to their doorstep. This has brought new demands — it is no longer a case of waiting 24-48 hours for a delivery. Rather, the expectation for this is now a matter of minutes,” Daniel Alonso, Glovo’s global director of q-commerce and a former director of ecommerce at Walmart, said.

The startup company will increase its engineering team from 300 to 500. For this purpose, it recently hired Narek Verdian to oversee the expansion of its tech teams at the company’s HQ in Barcelona, as well as Madrid and Warsaw. Verdian previously served as a vice-president of engineering at American Express.

“This is set to be a monumental year for the company and with the increased focus on Q-Commerce and dark store delivery, we’ll see Glovo take its engineering capabilities to the next level,” Verdian said.

The latest funding round comes after Glovo recently presented a €100 million ($117.3 million) business partnership with the European real estate company Stoneweg to expand its network of dark stores. Stoneweg will invest these funds to build and refurbish prime city real estate in some of Glovo’s key markets.


Spanish delivery startup Glovo raised €450 million ($528.4 million) to expand its customer base and further develop its business unit Q-Commerce, which is focused on fast delivery services.

About the Author

Headshot of Mariliana Fotopoulou

Mariliana has an MSC in Consumer Analytics and Business Strategy. She has a special interest in fast-moving industries and Big Data.

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