New horizons for European Tech Growth & Asia

Economies of scale are an essential cornerstone for on-demand companies, and to that end one of the hopefuls in the space has raised a big round to grow its business. Bolt — the startup and app of the same name that operates on-demand ride hailing, shared cars and scooters; and restaurant and grocery delivery — has raised €628 million ($709 million at current rates), at a valuation of €7.4 billion ($8.4 billion). It will be using the funds to continue expanding to new geographies and to bring more consumers and partners to its “super app”; and newer business lines, such as its 15-minute grocery delivery option Bolt Market, will be building out ‘dark stores’ in more cities to expand the service beyond the 10 where its active today.

German food delivery group Delivery Hero (DHER.DE) said on Friday it had signed an agreement to acquire about a 39.4% stake in Spanish delivery app Glovo.

The former French minister and founder of Paris-based venture firm Korelya Capital, is looking to expand in South Korea.

While European entrepreneurs have traditionally looked west to seek their fortunes, Fleur Pellerin wants them to face east.
The former French minister and founder of Paris-based venture firm Korelya Capital believes that her mix of experience, connections, and cultural capital can help make that happen. More than four years after founding Korelya, Pellerin is preparing for a new phase that she hopes will expand that bridge between Europe’s ecosystem and Asia.

Vestiaire Collective announced a new funding round. The company has raised $216 million, or €178 million — it has reached a valuation above $1 billion, making it a unicorn. French fashion and luxury group Kering is leading the round with Tiger Global Management. Kering now owns 5% of Vestiaire Collective.

Wallapop, a virtual marketplace based out of Barcelona, Spain that lets people resell their used items, or sell items like crafts that they make themselves, has raised €157 million ($191 million at current rates), money that it will use to continue growing the infrastructure that underpins its service, so that it can expand the number of people that use it.