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Thursday, 2 May 2019

Spanish home delivery startup Glovo said to exit Egypt

STARTUP WATCH- Glovo exiting Egypt, Chile following EUR 150 mn funding round: Spanish on-demand delivery startup Glovo has “indefinitely” suspended operations in Egypt and Chile as of Tuesday, Menabytes reports. The move came as the startup secured a EUR 150 mn series D funding round led by Lakestar. According to Contxto, the decision to exit the Chilean market “due to some hefty financial losses” in 2018, which Glovo apparently attributed to a lack of funding. It remains unclear whether the company recorded the same scale of losses in Egypt. Glovo, which is partially owned by Germany’s Delivery Hero and delivery market player Otlob, apparently sent messages to its employees and couriers in Egypt last week informing them of the decision to shut down. The company was active in Egypt for less than a year but managed to acquire a double digit market share. Glovo has yet to issue an official statement on the matter.

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