Glovo, Barcelona-based on-demand delivery firm has raised €150million ($167 million) in Series E funding led by Mubadala, with further support from previous investors Drake Enterprises, Idinvest and Lakestar.
Glovo’s investment comes Mubadala €400 million fund set aside to invest in leading European tech companies. The firm joins the unicorn club with the close of this round, making it only the second privately held business in Spain to surpass a $1billion valuation.
The everything delivery app- from food to groceries and drinks —raised €150M in April, SoftBank invested in the firm a few months ago and it also raised $134M in Series C in mid-2018 bringing the total raised to around $490 million.
According to Oscar Pierre, Co-founder and CEO of Glovo: “We’re very pleased to welcome Mubadala as aninvestor, as well as to further strengthen our position within the industry.
“To have achieved unicorn status is something truly exciting and a testament to the talent within the company, and their determination to keep innovating and disrupting the on-demand delivery space. Despite our rapid growth and new status, we still have the same vision we’ve always had: to make everything within the city instantly available to our customers.”
With operations in Africa, Europe and Latin America, the firm will use the funds to bolster its engineering team, streamlining its user experience, reduce the waiting time for couriers and customers, and opening new dark stores and cook rooms.
The company recently entered the Polish market in a €35million deal that established a second technology hub in Warsaw. It plans to expand its global tech team by hiring 300 additional engineers by mid-2020, with 40 dedicated engineers and 50 tech and product experts to be based in its new Warsaw office.
In Kenya, the firm is pushing its everything delivery app, its grocery sections and other everyday items to edge out local competitors Sendy, Bolt Food, Uber Eats, SafeBoda among others. Recently the firm signed up Simbisa Brands and Carrefour.
Frederic Lardieg, Partner in the Ventures Europe team at Mubadala Capital, said: “Our investment is a testament to our commitment to the European tech market and we are excited to lead this Series E funding round to enable Glovo to grow their team and support the expansion of their offering.”