Barcelona based on-demand delivery startup Glovo has raised nearly €30 million in series B round led by Rakuten Capital and Cathay Innovation. Existing investors Seaya Ventures, Entreé Capital & others also participated in the round. The news of funding comes after the Spanish media was recently buzzing with the report that Glovo may raise series B funding very soon.
Incorporated in 2015, Glovo aims to revolutionize delivery services by delivering goods & services within few minutes. Currently offering services in selected European cities, the company offers delivery of food as well as non-food items. Users can avail delivery services by downloading Glovo app on their IOS & Android systems.
The Barcelona headquartered startup said that the latest funding will be used to further consolidate its market position and invest in technology. Besides, the funds will be used to increase synergy between company’s three important pillars: consumers, glovers and stores.
Glovo claims that so far its delivery app has been downloaded & used by nearly 250,000 users, while further claiming to have already crossed 1 million orders and expects to cross 2 million orders by end of this year. Glovo recently scored a huge morale victory, after company’s close rival Jinn (a London based delivery startup) decided to wind up operation in the Spanish market. Commenting over the development, Sacha Michaud said to a leading website that Jinn was unable to get a strong foothold in Spanish market owing to stiff competition from Glovo.