Spanish on-demand delivery app, Glovo has raised $167 million in a Series E round led by Mubadala, an Abu Dhabi investment company. Mubadala is investing from a $400M fund announced earlier this year with the aim of supporting European startups.
Glovo offers food delivery as well as other conveniences such as pharmaceuticals and even groceries. The Barcelona-based company was founded in 2015 by Gerard Olivé, Miguel Vicente, Oscar Pierre, and Sacha Michaud. The app delivers products from a number of vendors directly to consumers. The company has over 50,000 drivers in 288 cities around the world.
The funds will help Glovo hire engineers and developers, and enable the company to boost its activities in the 26 countries in which it operates. It is not yet expanding beyond its three core regions: South America, Europe and Africa. Mubadala is a UAE state-owned holding company, however, Glovo is not planning on expanding into the Gulf region yet, stating that there is high competition in the area.
This round of funding pushes Glovo’s valuation past $1 billion, ushering the company into an exclusive Spanish unicorn club, one occupied by ride-hailing application Cabify.
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