Spain’s Glovo picks up $528M as the food deliver market continues to heat up
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. 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). 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 — and it will be using the money to double down on that strategy. 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. “We started in Spain, where you have access to far less capital than other countries in Europe. We do more with less and that’s made us leaner,” said Sacha Michaud, the co-fo...