Glovo, a multi-category delivery application, has announced that it has raised Ksh. 58 billion (€450 million) in its Series F funding round. The Funding round was led by New York-based investment managers Lugard Road Capital and the Luxor Capital Group.
Speaking during the announcement of the funding, Priscilla Muhiu, the company’s General Manager said, “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. Glovo Kenya has reduced its minimum delivery prices for food by 50% to Ksh. 50 and groceries by 18% to Ksh. 165, as of 1st April 2021. This shift in delivery prices is aimed at having the app accessible to as many customers as possible.”
Following this latest funding round, Glovo will invest in expanding its footprint in the 20 markets in which it currently operates. Glovo will focus the funding around its Q-Commerce division, 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.
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.”