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Traders ship 450 million euro financing for Spain’s Glovo By Reuters 

© Reuters. FILE PHOTO: Glovo ship rider passes by a pedestrian space in Barcelona

MADRID (Reuters) – Supply app Glovo mentioned on Thursday it had raised an extra 450 million euros ($528 million), calling it the biggest financing spherical secured by a Spanish start-up.

Glovo, based mostly in Barcelona, has seen demand soar through the COVID-19 pandemic, as locked-down prospects turned to its fast supply service that gives all the pieces from meals to toiletries. It presently has some 10 million customers.

Glovo mentioned it might use the funds to develop additional within the 20 markets the place it operates. It is going to additionally concentrate on its Q-commerce division as a part of a objective of rising ultra-fast deliveries throughout the 850 cities the place the app operates.

So-called fast commerce has boomed up to now 12 months because the pandemic put a brand new premium on ultra-rapid deliveries of meals and items from comparatively native stockrooms.

Traders have rushed to get in on the motion of supply apps, however the much-anticipated IPO of Deliveroo on the London Inventory Trade on Wednesday noticed shares within the British supply firm plunge by as a lot as 30%, chopping greater than 2 billion kilos off the corporate’s valuation.

“This funding will enable us to develop in our core markets, speed up our management place in locations the place we’re already very robust, proceed to develop our Q-commerce division and produce extra innovation to our multi-category providing,” Glovo CEO Oscar Pierre mentioned in a press release.

Glovo raised the most recent funding in a brand new spherical of Collection F financing led by New York-based Lugard Street Capital and Luxor Capital Group. Supply Hero, Drake Enterprises and GP Bullhound additionally participated within the spherical. All are earlier traders in Glovo.

The corporate didn’t give a valuation for the enterprise however Spanish monetary newspaper Enlargement cited a determine of two billion euros.

($1 = 0.8525 euros)

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