Investors deliver 450 million euro financing for Spain s Glovo
04/01/2021 9:12
MADRID (Reuters) - Delivery app Glovo said on Thursday it had raised an additional 450 million euros ($528 million), calling it the largest financing round secured by a Spanish start-up.
Glovo, based in Barcelona, has seen demand soar during the COVID-19 pandemic, as locked-down customers turned to its quick delivery service that provides everything from food to toiletries. It currently has some 10 million users.
Glovo said it would use the funds to expand further in the 20 markets where it operates. It will also focus on its Q-commerce division as part of a goal of growing ultra-fast deliveries across the 850 cities where the app operates.
By Reuters Staff
2 Min Read
FILE PHOTO: Glovo deliver rider passes by a pedestrian area in Barcelona, Spain, February 23, 2021. Picture taken February 23, 2021. REUTERS/Albert Gea
MADRID (Reuters) - Delivery app Glovo said on Thursday it had raised an additional 450 million euros ($528 million), calling it the largest financing round secured by a Spanish start-up.
Glovo, based in Barcelona, has seen demand soar during the COVID-19 pandemic, as locked-down customers turned to its quick delivery service that provides everything from food to toiletries. It currently has some 10 million users.
Glovo said it would use the funds to expand further in the 20 markets where it operates. It will also focus on its Q-commerce division as part of a goal of growing ultra-fast deliveries across the 850 cities where the app operates.
The launch of Deliveroo onto the stock market was supposed to be a vindication not just for its founder, its financial backers, and even the Chancellor - but for its customers too.
Many initial public offerings are closed to small investors. But Deliveroo opened the float to its six-million UK customer base.
Some 70,000 of the app s users took up the offer and bought £50million worth of shares, with allocations ranging between £250 and £1,000.
Those customers who were happy to buy into a brand they liked are now nursing a 29 per cent paper loss after Deliveroo shares suffered a disappointing stock market debut.
Five years is an age to wait for the results of a study but Symphony Environmental Technologies probably thinks the wait was worth it.
A study into Symphony s d2w oxo-biodegradable plastic technology sponsored by the French Agence National de Recherche proved beyond doubt that d2w is biodegradable in the marine environment.
Symphony added that there was a direct correlation between lab results and real-world conditions, which it said was hugely positive as until now it had been alleged that lab results could not demonstrate performance in real-life marine conditions.
Big step forward: Five years is an age to wait for the results of a study but Symphony Environmental Technologies probably thinks the wait was worth it
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