Spanish delivery startup Glovo, on Thursday, announced it has raised €450M (KSH 58 billion) in its Series F funding round led by New York-based investment managers Lugard Road Capital and the Luxor Capital Group.
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.
Priscilla Muhiu, the company’s General Manager, said that the move aims at improving their customer’s experience.
“We will use this opportunity to create a smarter and more efficient experience for customers and riders as we aim to reduce delivery time,” said Ms. Muhiu.
The focus of the funding for Glovo will center around its Q-Commerce division and deepening its unique multi-category offerings in all the markets in which it operates.
Oscar Pierre, Co-founder and CEO of Glovo, said: “We’re thrilled to have the continued backing of Luxor Capital Group 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, 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.”