Mubadala invests in Spanish startup Glovo
Madrid, Spain - Abu Dhabi’s sovereign wealth fund Mubadala is placing a bet on the growing demand for food delivery platforms with an investment in Spanish startup Glovo.
Mubadala was the lead investor in Glovo’s US$167mn funding round closed on Wednesday, according to a statement, bringing its valuation to over US$1bn. Other backers in Barcelona-based Glovo included Drake Enterprises, Lakestar and Idinvest, all of which were already investors.
This was the third round in which Glovo raised more than € 100mn over the past 17 months, as it seeks to bolster its position in the booming food delivery sector by expanding into new markets and increasing its software development teams. Glovo operates in 26 countries.
Over the past year, Glovo drew attention from rivals including Uber Technologies Inc and Deliveroo. Glovo has also been weighing the possibility of holding an IPO, people familiar with the matter have said.