Glovo, a Spanish on-demand delivery platform, will acquire multiple of Delivery Hero’s group companies in a series of separate acquisition deals, worth a total value of €170m.
The deals, which follow a €450M ($530M) Series F funding round announced in April 2021*, enable the company to strengthen its presence in Central and Eastern Europe, further expanding its operations in Bosnia Herzegovina, Bulgaria, Croatia, Montenegro, Romania and Serbia.
In derails, Glovo will acquire:
- the foodpanda brand in Romania and Bulgaria,
- the Donesi brand in Serbia, Montenegro, Bosnia and Herzegovina, and
- Pauza in Croatia.
The transactions in Bosnia Herzegovina, Bulgaria, Croatia, Montenegro and Serbia are expected to close within the next few weeks, subject to fulfilment of the conditions precedent and relevant regulatory approvals, while Romania will be completed following approval from the competition authority.
In a separate deal, Glovo recently announced that it has also reached an agreement to acquire Ehrana, a local delivery company in Slovenia, for an undisclosed fee. The transaction is expected to close in the next few months and the company is now working closely with Ehrana to define the transition strategy for users, partners and couriers.
Founded in Barcelona in 2015 by Oscar Pierre, CEO, Glovo provides a multi-category delivery app which operates in South West Europe, Eastern Europe and Sub-Saharan Africa. The app connects users with restaurants, grocery chains, pharmacies and retail stores, and also includes an “anything” category that allows users to order whatever they want.
* The Series F Funding Round
April 1 2021, Glovo announced it raised €450M ($530M) in Series F funding round led by New York-based investment managers Lugard Road Capital and the Luxor Capital Group with participation from Delivery Hero, Drake Enterprises and GP Bullhound. The company is using the funds to expand its presence in the 20 markets in which it currently operates and focus on its newly-launched Q-Commerce division.
Earlier this year, Glovo announced a €100M partnership with Swiss-based real estate firm Stoneweg to grow its network of dark stores and the hiring of new CTO, Narek Verdian, who recently served as vice-president of engineering at American Express. Verdian will oversee the expansion of the engineering team from 300 to 500 at Glovo’s Barcelona headquarters and its tech hubs in Madrid and Warsaw.
FinSMEs
29/05/2021