Spanish startup Glovo hits $1bln "unicorn" valuation with Abu Dhabi funds

Barcelona-based firm said it raised $165.33mln from Mubadala and other investors

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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MADRID- Spanish delivery startup Glovo said on Thursday it had achieved a valuation of $1 billion, after a new funding round attracted investment from Abu Dhabi sovereign wealth fund Mubadala.

The Barcelona-based firm said it raised 150 million euros ($165.33 million) from Mubadala and other investors such as venture capital fund Lakestar, as well as from Idinvest Partners and Drake QSR, which had already invested in Glovo in the past.

Glovo said this was the first funding round in which Mubadala had taken part and said the startup had now achieved "unicorn" status, a term used for a privately owned firm that achieves a valuation of $1 billion or more.

Glovo, which is active in 26 countries where it delivers everything from meals to groceries and medicines, is the third Spanish tech firm to surpass the $1 billion valuation mark.

The company has recently bought Pizza Portal in Poland, where it is developing a second tech hub. Glovo, which had already raised 150 million euros in April, said it would use the latest equity raised to develop its engineering capabilities and technology systems.

Glovo, which competes with Uber Eats and Deliveroo, has focused on Latin America and Europe. The firm booked a 90 million euro-loss on continuing operation in 2018, according to data provided by Delivery Hero, one of its shareholders.

($1 = 0.9073 euros)

(Reporting by Inti Landauro; Editing by Edmund Blair) ((Inti.Landauro@thomsonreuters.com;))

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