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Glovo raises Ksh 16.7B Serie E funding

The on-demand delivery app, Glovo has raised a $166 million (Ksh 16.7 billion) Series E funding from Abu Dhabi state investment company, Mubadala.

In April, the firm announced a $167 million (Ksh 16.8 billion) Series D funding from an earlier $134 million (Ksh 13.5 billion) in Series C in mid 2018. The total raised since the business was founded back in 2015 is now around $488 million (Ksh 49.2 billion).

RELATED: Glovo Launches Operations In Mombasa

The Spanish start-up’s value is estimated at $1 billion (Ksh 100 billion) after the latest round of funding though the co-founder Oscar Pierre  would not disclose the exact valuation. “We’ve decided not to disclose valuation,” he said. “Even internally, all these valuation things it’s not something we care a lot about… Crossing the billion, I guess, is something worth announcing but not more details.”

Mubadala, earlier this year announced that is was setting aside $400 million (Ksh 40 billion) fund for backing European startups. Mudabala is backed by Japanese conglomerate, Softbank. Mubadala was also a backer of Softbank’s Vision Fund.

On a possibility of Glovo expanding to the Middle East following this investment, Pierre said: “It hasn’t been part of the thesis of investment, so we’re not linking it.”

Glovo currently operates in South America, South West Europe, and Eastern Europe and Africa.

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Pierre added, “Middle East for us seems already a bit too competitive to go now. All our expansion playbook has been focused on going first to markets… [or where our competitors] were a second player. And the online food delivery market in Middle East is very developed already.”

He, however, did not rule out the possibility of expanding to the Gulf region but said it is not part of their short term plans.

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