Glovo to radically grow its infrastructure

Swiss real estate investment firm Stoneweg is to invest €100 million in multi-category fulfilment and delivery firm Glovo. The money is to go into building more than 80 ‘dark store’ inner-city fulfilment units across Europe.

Currently Glovo operates 18 dark stores across Europe and is now looking to expand this network significantly by adding stores in Valancia, Rome, Porto and Bucharest as well as a number of other major cities. By the end of 2021, Glovo aims at having 100 dark stores across Europe.

As a leading multi-category fulfilment and delivery company, Glovo now has major brands aboard such as IKEA, Unilever and Nestle as well as supermarket giants including Carrefour, Kaufland and Continente. In 2020 the firm saw a 300% growth in business thanks to the pandemic and has now delivered more than 12 million items to customers around the world.

Oscar Pierre, Co-founder and CEO of Glovo, said: “We believe that the third-generation of commerce is already upon us. Following the close of Stoneweg’s investment, we are consolidating our strategic commitment to Q-Commerce, which will allow us to better connect people with a wide variety of available products in their cities.

“In the wake of COVID-19, we believe that dark stores represent the future of post-pandemic retail, and I think we’ll see a permanent shift in consumer habits towards same-day and instant delivery. We’re excited to continue to expand our offering, so that all types of businesses, from local independent stores to multi-national chains, can reach more and more customers thanks to new technological solutions and highly efficient infrastructure.”

Joaquín Castellví, Founding Partner and Head of Acquisitions for Europe for Stoneweg, said: “We are excited about this partnership with Glovo, a dynamic company with a culture similar to ours: to be at the forefront of the needs of its market. Glovo’s Q-Commerce division responds to the rapidly evolving demands of the modern consumer. For Stoneweg, it also represents an opportunity to offer our clients to diversify into a new class of retail asset through consolidated cities where Glovo operates — in a segment with great growth potential, accelerated by the situation we are experiencing ”.