KEY POINTS
  • Spain's Glovo says it has raised 150 million euros in a funding round led by Abu Dhabi sovereign wealth fund Mubadala.
  • Glovo's app is mostly known for food delivery, but it also offers other categories ranging from groceries to pharmaceuticals.
  • The extra cash will be used to help Glovo hire 300 new engineers and developers by mid-2020 and to expand into new territories.
A courier for Spanish on-demand delivery app Glovo.

Spanish food delivery app Glovo has raised 150 million euros ($167 million) in a fresh round of funding to ramp up hiring and expand internationally.

The financing effort was led by Mubadala, the sovereign wealth fund of Abu Dhabi, and was also backed by existing investors including Germany's Delivery Hero, Swiss investment company Drake Enterprises and European venture capital firm Lakestar, which was an early investor in Spotify.