UAE's Mubadala invests in Spanish food delivery firm Glovo

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Abu Dhabi’s sovereign wealth fund Mubadala is placing a bet on the growing demand for food delivery platforms with an investment in Spanish start-up Glovo. Mubadala was the lead investor in Glovo’s 150 million euro ($167 million) funding round closed Wednesday, according to a statement, bringing its valuation to over $1 billion. 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 100 million euros 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.


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