Mubadala leads €150m series-E for delivery platform Glovo

Alessia Argentieri
19 December 2019

Tweet
Facebook
LinkedIn
Google plus
Send to

Mubadala Capital has led a €150m series-E funding round for Spanish delivery platform Glovo.

Previous investors Drake Enterprises, Idinvest and Lakestar also took part in the funding round.

Following the investment, the company's valuation surpassed $1bn.

Glovo plans to use the fresh financing to further consolidate its market position, boost its international expansion and scale up its global tech team by hiring 300 engineers by mid-2020.

Mubadala invested in Glovo via its Mubadala European Tech Fund, which was launched in June 2018 with a $400m target.

Previous funding
Following an initial seed round of €2m in 2015, Glovo raised €5m in August 2016 in a series-A round led by Caixa Capital Risc, Bonsai Venture and Entrée Capital, alongside seed investor Seaya Ventures and several high-net-worth individuals.

Subsequently, Rakuten Capital and Cathay led a €30m series-B for Glovo in September 2017, with Rakuten reportedly contributing €25m towards the round.

Seaya, Cathay, Idinvest and GR Capital led a €115m series-C funding round for the company in July 2018. Rakuten and Polish restaurant group AmRest also took part in the round.

More recently, Lakestar led a €150m series-D funding round for Glovo in May 2019. Idinvest and Korelya Capital also took part in the investment, alongside Drake Enterprises, the owner of global pizza franchise Papa John's.

Company
Founded in 2015 and headquartered in Barcelona, Glovo is a delivery platform focusing on food and drinks, groceries, pharmaceuticals and electronics. The business employs 1,000 staff and operates across 124 cities in 21 countries, with a particular focus on Latin America and the EMEA region.

People
Mubadala Capital – Frederic Lardieg (partner).
Glovo – Oscar Pierre (co-founder; CEO); Sacha Michaud (co-founder).