European on-demand delivery player Glovo has raised a record €450 million in Series F funding.

The amount of money is the biggest ever funding round in the history of Spanish startups. The money is to be invested into its ‘Q-commerce’ operations of dark store fulfilment centres.

In the last three years since Glovo opened its first dark store in Madrid, it has opened 10 more in Madrid, Lisbon and Milan and has plans for 200 total by the end of this year. Between now and July, the company aims to open 45 in cities including Valencia, Rome, Porto and Bucharest.

From the dark stores, Glovo claims that it can deliver goods to its customers in as little as 10 minutes. It is in a competitive market with a large number of well-funded operators fighting for business in major cities. In London (where Glovo has no immediate plans to operate) there are six such competitors.

The Series F funding was led by New York based investment managers Lugard Road Capital and the Luxor Capital Group. Existing investors Delivery Hero, Drake Enterprises and GP Bullhound also participated.  This brings total funding for the six-year-old startup to more than €900m. 

Earlier this year, Glovo announced it had done a business deal worth €100m with Swiss developers Stoneweg to build more dark stores.