GLOBAL DELIVERY APP GLOVO GETS 58B

Global delivery app Glovo gets 58B. PHOTO /MARY KIBE

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.

 

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