Spanish startup Glovo raises 150 mln euros to fund overseas growth

April 30 (Reuters) - Spanish delivery startup Glovo said on Tuesday it had raised 150 million euros $168.08 million) in equity from institutional investors and venture capital funds to finance its international expansion.

The Barcelona-based firm said it will use the cash to hire engineers and develop its mobile app to attract more shop and restaurant owners.

Tech-focused venture capital fund Lakestar as well as funds Idinvest Partners, Korelya Capital and Drake QSR, which owns Papa John’s pizza franchises in Spain, invested in Glovo in this fundraising round, the startup said.

Glovo, which competes with platforms such as 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 = 0.8925 euros) (Reporting by Inti Landauro in Paris, Editing by Sarah White)