Funding round
Glovo Series B
Glovo, which works in on-demand delivery services in Barcelona, raised $35M in a Series B round announced on 4 Oct 2017, led by Rakuten Capital and Cathay Innovation. 6 firms took part. It is Glovo's third venture round on record; the one before was a Series A in Aug 2016.
$35M
Amount raised
30,000,000 EUR converted
Not disclosed
Post-money valuation
6
Investors
2 leads
Valuation
What this round says about the price
Glovo did not disclose a valuation in this round. It came 14 months after Glovo's Series A. It is 3.4% of the $1.04B Glovo has raised in the venture rounds on record. Glovo raised again 9 months later: a Series C round of $134M in Jul 2018. Its next priced round, a Series E in Dec 2019, valued it at $1.00B.
Glovo's funding rounds
Glovo has 7 venture rounds on record. This one is highlighted.
- Seed 24 Nov 2015 $2.1M
- Series A 11 Aug 2016 $5.6M
- Series B this round 4 Oct 2017, led by Rakuten Capital and Cathay Innovation $35M
- Series C 1 Jul 2018, led by Seaya, Cathay Capital and Idinvest $134M
- Series D 30 Apr 2019, led by Lakestar and Drake $168M
- Series E 19 Dec 2019, led by Mubadala and Ventures Europe $167M$1.00B post-money
- Series F 1 Apr 2021, led by Lugard Road Capital and Luxor Capital Group $530M
Investors
Who put money in
Rakuten Capital and Cathay Innovation led the round with 4 other firms.
Lead investors
- Rakuten Capital new investor
- backs 61 venture-backed companies new investor
Also in the round
- backs 33 venture-backed companies new investor
- backs 80 venture-backed companies new investor
- Caixa Capital Risk new investor
- backs 28 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
5 Series B rounds in Food delivery within a year either side disclosed an amount; the median was $20M, and this round was 1.8 times the median. The closest in time, other companies' Series B rounds in Food delivery:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Food delivery | 7 Sep 2017 | $22M | not disclosed | S3 Ventures |
| Food delivery | 19 Sep 2017 | $20M | not disclosed | Menlo Ventures |
| Food delivery | 1 Jan 2018 | $30M | not disclosed | 83North |
| Food delivery | 28 Aug 2018 | $14M | not disclosed | Piper Sandler |
| Food delivery | 24 Oct 2016 | $7.5M | not disclosed | IIFL Seed Ventures Fund |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Glovo raise in its Series B round?
Glovo raised $35M in its Series B round, announced in Oct 2017.
Who led Glovo's Series B round?
Rakuten Capital and Cathay Innovation led it, with Seaya, Entrée Capital, Caixa Capital Risk and Bonsai Partners.
What was Glovo's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Food delivery?
5 Series B rounds in Food delivery within a year either side disclosed an amount; the median was $20M, and this round was 1.8 times the median.
Did Glovo raise again after this round?
Yes: a Series C round in Jul 2018 of $134M.