Spanish Delivery App Glovo Raises €150 Million to Expand Global Reach, Targeting Morocco

To succeed in this bet, the Spanish start-up has bet on the venture capital firm Lakestar and Drake, with the participation of Idinvest Partners, a European private equity and venture capital firm, and Korelya Capital. By raising such a sum, the press release informs, Glovo plans "the integration of new merchants and the strengthening of its team of engineers, with the objective of making the start-up the number 1 application for urban dwellers in Morocco and in the world".

Indeed, to go into detail, it should be specified that Glovo has great ambitions, namely "to hire 300 new engineers and rely on these experts to offer an even smarter and more innovative customer experience, by reducing waiting times and penetrating new markets, particularly in Africa", as the press release indicates.

Created in 2015, Glovo, which has more than one million users and 5,600 partners, is an application that allows you to order, deliver and send any product in just a few minutes, the same source says.

While in Morocco, for the moment, only the four largest cities, namely Casablanca, Marrakech, Rabat and Tangier, benefit from Glovo’s services, it should be noted that the start-up is also accessible in 61 cities and 17 countries around the world.