The acquisition strengthens Barcelona-based Glovo’s competitive position in Europe in key markets. The company’s Q-Commerce division is on track to reach an annual Gross Transaction Value (GTV) of more than €300m this year, and expects that to more than triple by the end of 2022.
Luis Perez del Val Sheriff, CEO of Lola Market, commented: “We are very proud to be joining Glovo, and we believe that together we are offering users the very best groceries delivery experience in Europe. Our expertise in planned purchases and big basket deliveries, as well as our loyal user base and cutting-edge technology, make for a very attractive proposition. GP Bullhound has provided invaluable support throughout this process.”
Miguel Kindelán, Executive Director at GP Bullhound, commented: “We are thrilled to have advised Luis and his team at Lola Market during this journey, choosing the right partner for the next stage of growth, and creating a Spanish champion in this exciting space.”
This transaction is further testament to GP Bullhound’s expertise in the Marketplaces sector, following previous transactions completed for Lingoda (growth investment by Summit Partners), 7NXT (acquired by Oakley Capital) and Baltic Classifieds Group (acquired by Apax Partners), among many others.
GP Bulhound is an investor in Glovo through Fund IV and Fund V.
For enquiries, please contact: Miguel Kindelán, Executive Director, [email protected]
About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 10 offices spanning Europe, the US and Asia. For more information, please visit www.gpbullhound.com