Delivery platform Delivery Hero announced Wednesday May 26 that Glovo will acquire the company’s operations in the Balkans.
“Delivery Hero has built a clear leading business in the Balkan region over the past two years,” said Nikas Ostberg, CEO of the Germany-based company. “However, with many operational priorities under our belt, we believe Glovo would be better positioned to continue creating an incredible experience for our customers in this region. »
The $207 million (€170 million) deal will see the Spanish courier/delivery service Glovo take over Delivery Hero’s activities in Bosnia and Herzegovina, Bulgaria, Montenegro, Romania and Serbia. Glovo will also acquire elements of Delivery Hero’s Croatian operations.
“Present in all six countries and already in a very strong position, Glovo is well placed to continue investing in improving the customer experience, long-term, sustainable operations, and local business development ” said Delivery Hero. in a Press release.
The transactions are expected to be completed in the coming weeks in all countries except Romania, which is expected to be completed in the first quarter of next year, pending the satisfaction of conditions precedent and regulatory approvals.
CEO of Glovo Oscar-Pierre said the region “has really embraced on-demand delivery platforms, and we are very excited to strengthen our presence and increase our footprint in countries that continue to show enormous growth potential.”
Last month, Glovo announced that it had increased $530 million in a Series F funding round that included Delivery Hero among its investors. Pierre said at the time that the money would help Glovo “double down on our core markets.”
This news is notable because it is the largest amount ever raised by a Spanish startup, but as PYMNTS recently noted, it is not the only one. q-commerce (Q for quick) record-breaking company. Weeks before Glovo’s announcement, German grocery delivery startup Gorillas raised $288 million in Series B funding, giving it billionaire status nine months after its launch. This is the fastest unicorn launch trajectory in German history.