Mubadala in­vests in Span­ish startup Glovo

Muscat Daily - - BUSINESS -

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.

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