Spanish delivery and distribution startup Glovo aims to raise 100 million euros in its second round of financing in less than a year ahead of a possible initial public offering, said people with knowledge of the subject .
Glovo, based in Barcelona, holds meetings with investors as it seeks funds and evaluates going public within the next 18 months. The company is valued at up to 650 million euros in this round. Glovo raised 115 million euros in July. No definitive decisions have been made and the company can choose to scrap the plans, they said.
The company, whose distributors deliver food, beverages, gifts and pharmaceutical items through an application available in 25 countries, seeks funds to shore up its growth in Latin America and face its rivals in this increasingly competitive industry. Glovo will also expand its software development team, which has doubled in recent months, one of the people explained.
Expenditure on the global food delivery market is expected to reach US $ 300 billion in 2022, and that growth is attracting the attention of investors.
Among the main investors in Glovo, born four years ago, are the restaurant group AmRest Holdings, the Japanese e-commerce operator Rakuten and the Spanish venture capital firm Seaya Ventures.
Also published on Medium.