Spanish delivery startup Glovo, on Thursday, announced raising Ksh 16.7 billion ($167 million) in Series E funding for expanding into new markets and enhancing its software development teams.
The latest round of investment, the third this year, was led by Mubadala, an Abu Dhabi sovereign wealth fund with support from previous investors Drake, Enterprises, Idinvest and Lakestar.
Frederic Lardieg, Partner in the Ventures Europe team at Mubadala Capital, said: “ Our investment is a testament to our commitment to the European tech market and we are excited to lead this Series E funding round to enable Glovo to grow their team and support the expansion of their offering.”
Glovo intends to use the funds to consolidate its position in the market as it moves towards profitability, expand its tech team, continue to strengthen its tech offering by further streamlining its user experience, reducing the waiting time for couriers and customers, and opening new dark stores and cook rooms.
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More focus on groceries and partnerships with leading retailers
Glovo will continue to innovate in the sector and build out its multi-category offerings, delivering groceries
and other everyday items. To spur on the growth of its groceries category, Glovo will continue to seek
strategic partnerships, similar to its deal with Carrefour.
Oscar Pierre, Co-founder and CEO of Glovo, said: “To have achieved unicorn status is something truly exciting and a testament to the talent within the company, and their determination to keep innovating and disrupting the on-demand delivery space. Despite our rapid growth and new status, we still have the same vision we’ve always had: to make everything within the city instantly available to our customers.”