Abu Dhabi fund bets on food delivery boom with Glovo investment

Photo: Glovo

Abu Dhabi’s sovereign wealth fund Mubadala is placing a bet on the growing demand for food delivery platforms with an investment in Spanish startup 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.

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