GLOBAL DELIVERY APP GLOVO GETS KSH 58 BILLION FUNDING IN A BID TO GROW ITS OPERATIONS.
By Mary Kibe
Glovo one of the World’s leading multi-category delivery players
Raised (€450M) in its series of funding round led by New York
based investment
Speaking during the announcement of the funding, Priscilla Muhiu,
the company’s General Manager, said that the move aims at
improving their customer’s experience. “Glovo is committed to
taking its tech capabilities and systems to the next level. 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.
As of 1st April 2021, Glovo Kenya has reduced its minimum
delivery prices for food by 50% to KES 50 and groceries by 18%
to KES 165 this shift in delivery prices is aimed at having the app
accessible to as many customers as possible,” said Ms. Muhiu.
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. 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. The company, which has a strong base of more
than 10 million users and a marketplace of premier partners, is
paying particular attention to growing its groceries and retail
categories through key local partnerships. In its biggest cities, it is
already able to provide ultra-fast last-mile delivery within 10
minutes, as the company anticipates a permanent shift in consumer
habits towards same-day and instant delivery. To spur on the
growth of its grocery category, Glovo will continue to seek strategic
partnerships similar to its deals with supermarkets such as
Carrefour and Naivas.
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.”
Jonathan Green, Founder and Portfolio Manager at Lugard Road
Capital, said: “Our investment in Glovo reflects our commitment to
a company and leadership team that continues to innovate and
disrupt in the on-demand delivery space. As a long-term investor in
Glovo, we are excited to watch the company continue to delight its
customers through its unique multi-category offering, amidst an
enormous market opportunity in both existing and new
geographies.”
Glovo is a pioneering multi-category delivery app and one of the
world’s leading delivery platforms. Founded in Barcelona in 2015, it
operates in Southern Europe and EEMEA. The app connects users
with restaurants, grocery chains, pharmacies, and retail stores, and
also includes an “anything” category that allows users to order
whatever they want in their city.
Lakestar is one of Europe’s leading venture capital firms investing
in technology companies led by exceptional entrepreneurs. Early
investments included Skype, Spotify, Facebook and Airbnb. Since
raising its first fund in 2013, Lakestar manages an aggregated
volume of EUR 1bn across three early-stage funds, and more
recently a growth fund. Lakestar has expanded and broadened
their portfolio, with more recent investments in Harry’s, Opendoor,
GoEuro, FiveAI and Revolut. Lakestar has presence in Berlin, Zurich
and London.
GLOBAL DELIVERY APP GLOVO GETS 58B
https://freeda.fr/2019/10/07/how-to-become-a-successful-young-entrepreneur/
GLOBAL DELIVERY APP GLOVO GETS 58B
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