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Spanish Delivery App Glovo Gets $121 Million for ‘Dark Stores’

  • Stoneweg will build, refurbish property to help Glovo expand
  • Glovo’s orders for convenience items have surged 300%

Spanish food delivery startup Glovo has struck a deal with Swiss real estate firm Stoneweg SA to invest 100 million euros ($121 million) to expand its network of convenience stores.

Stoneweg will build and refurbish real estate for the “dark stores,” which are delivery-only convenience markets, in countries where Glovo is already operating, such as Spain, Italy, Portugal and Romania, Glovo said in a statement on Tuesday.