The Story of SEON’s €10M Series A Funding. The venture capital firm is known for backing the biggest Euro tech success stories, such as Spotify, Klarna, and Bolt. Angels joining Series A also include founders of N26, SumUp, Tide, Onfido, and ComplyAdvantage as well as the ex-CPO of iZettle and ex-CFO of Revolut.
Largest Series A in Hungarian Startup History
Setting a new record for Hungarian companies, this €10M Series A proves that CEE startups are gaining visibility on the world stage. Companies like UIPath, Brainly, and Vinted are also brandishing the flag for the region, demonstrating that it’s possible to attract international attention even when your headquarters aren’t based in a traditional startup hub. But of course, it all starts with the quality of the product.
Strong Risk Tech as a Cornerstone
From its earliest incarnation, SEON was always about solid technology. When Tamas and Bence couldn’t find a promising risk startup to protect their crypto exchange from fraudsters, they built it themselves. The products, in short, were designed as an antidote to legacy risk companies, whose expensive integrations and outdated data analysis tools did not meet the needs of small businesses. They wanted more agile tools with better results and faster implementation. SEON and its early adopters weren’t the only ones interested. Innovative anti-fraud technology is increasingly valued by big companies too. Air France, Avis, and Patreon are now all big fans.
Focusing on the Next Steps
Closing a funding round feels both like a victory and a challenge. The stakes get higher. Business decisions become more impactful. Luckily, SEON is already a sustainable startup. But it doesn’t mean they plan on resting on their laurels. SEON has a long-term game plan and a big mission: eradicating online fraud. This is only possible thanks to all the people at the startup who work hard every day to make it happen. Growing the team and enabling their growth and that of their products to benefit customers is precisely what this investment is all about.
Glovo, one of the world’s leading multi-category delivery players, today announced that it had raised €450M ($530M) in its Series F funding round led by New York-based investment managers Lugard Road Capital and the Luxor Capital Group.
The round also saw participation from returning investors, including Delivery Hero, Drake Enterprises, and GP Bullhound, and reflects both the significant growth potential in the online delivery sector and the strong demand from existing shareholders to invest in the company.
“We’re thrilled to have the continued backing of Luxor Capital Group and all of our existing investors. Over the last few months, we’ve moved very, very quickly but our vision remains unchanged. This investment will allow us to double-down in our core markets, accelerate our leadership position in places where we are already very strong, and continue to expand our excellent Q-Commerce division, as well as bring new innovations to our unique multi-category offering to extend more choice to our customers.” Said,Oscar Pierre, Co-founder, and CEO of Glovo.
Following this latest funding round, the largest in history for a Spanish startup, Glovo will invest in expanding its footprint in the 20 markets in which it currently operates. The company will also focus on growing its newly-launched Q-Commerce division, which forms a significant part of its strategic commitment to multi-category deliveries in these markets.
Earlier this year, Glovo announced a €100M partnership with Swiss-based real estate firm Stoneweg to grow its dark store network and hire 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.
Q-Commerce division excels in “ultra-fast” delivery.
The focus of the funding for Glovo will center around its Q-Commerce division and deepening its unique multi-category offerings in all the markets in which it operates. The company, which has a strong base of more than 10 million users and a marketplace of premier partners, is paying particular attention to growing its groceries and retail categories through key local partnerships. In its biggest cities, it can provide ultra-fast last-mile delivery within 10 minutes through its network of dark stores, as the company anticipates a permanent shift in consumer habits towards same-day and instant delivery.
More focus on groceries and partnerships with leading retailers
Glovo will continue to seek strategic partnerships similar to its deals with supermarkets such as Carrefour, Continente, and Kaufland to spur the growth of its groceries category while investing in its infrastructure and fulfillment centers. The company currently operates dark stores in cities including Barcelona, Madrid, Lisbon, and Milan and will be opening similar stores in Valencia, Rome, Porto, and Bucharest, among others. The company aims to have 200 dark stores by the end of 2021.
Jonathan Green, Founder and Portfolio Manager at Lugard Road Capital, said: “Our investment in Glovo reflects our commitment to a company and leadership team that continues to innovate and disrupt in the on-demand delivery space. As a long-term investor in Glovo, we are excited to watch the company continue to delight its customers through its unique multi-category offering, amidst an enormous market opportunity in both existing and new geographies.”
About Glovo
Glovo is a pioneering multi-category delivery app and one of the world’s leading delivery platforms. Founded in Barcelona in 2015, it operates in Southern Europe and EEMEA. The app connects users with restaurants, grocery chains, pharmacies, and retail stores and includes an “anything” category allowing users to order whatever they want in their city.
About Lugard Road Capital
Lugard Road Capital is a multi-billion dollar global investment fund focused on public and private companies in the Internet, software, consumer, and technology sectors.
About Luxor Capital Group
Luxor Capital Group, LP (“Luxor”) is a multi-billion dollar investment fund founded in 2002. Applying a bottom-up, fundamental approach, Luxor takes a long-term view toward investing and often works closely with the management teams of their portfolio companies.
