![]() Earlier in March, Rohlik out of the Czech Republic bagged $230 million. Just in the last week, Gorillas in Berlin raised $290 million on a $1 billion+ valuation for its on-demand grocery business Everli out of Italy (formerly called Supermercato24) raised $100 million (Luxor is one of its investors too) Turkey’s Getir - also rapidly expanding across Europe - picked up $300 million on a $2.6 billion valuation as Sequoia took its first bite into the European food market and reportedly Zapp in London has also closed $100 million in funding. The funding comes on the heels of a very busy period of fundraising in the sector as investors race to get in on the delivery of hot food, groceries and other necessities in Europe - a fast-growing business model in the most normal of times that blasted off in the last year as an essential service for consumers confined to their homes, often by government mandate, to stave off the spread of the coronavirus. Michaud would only confirm to me that it was “definitely an up-round,” which would put it at at least $1.7 billion, if not more, based on that estimate. Valuation is not being disclosed with this round, but when it raised its $166 million Series E in December 2019 - just ahead of the COVID-19 pandemic that truly changed the face of delivery services in many parts of the world - Glovo had a valuation of $1.18 billion, according to PitchBook data. The funding is being led by Lugard Road Capital and Luxor Capital Group (the former is an affiliate of the latter), with Delivery Hero, Drake Enterprises and GP Bullhound also participating. “We’ve got our own strategy and it seems to be working.” We do more with less and that’s made us leaner,” said Sacha Michaud, the co-founder of the company, in an interview this week. “We started in Spain, where you have access to far less capital than other countries in Europe. This is a milestone funding round not just for the company, but its home country: it marks the largest-ever round raised by a Spanish startup. It will be using the money to double down on that strategy, including hiring up to 200 more engineers to work in its headquarters in Barcelona, as well as hubs in Madrid and Warsaw, Poland to build out the technology to underpin it. To offset the thin (or even negative) margins that are typically associated with a lot of delivery startups, Glovo aims to become the market leader in the 20 markets in Europe where it is live today, in part by expanding its “q-commerce” service - the delivery of items to urban consumers in 30 minutes or less. ![]() Glovo, a startup out of Spain with 10 million users that delivers restaurant take-out, groceries and other items in partnership with brick-and-mortar businesses, has picked up a Series F of $528 million (€450 million). On the heels of Deliveroo raising more than $2 billion ahead of its debut on the London Stock Exchange this week, another hopeful in the food delivery sector has closed a super-sized round. ![]()
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