According to TechCrunch, Glovo aims to become the market leader in the 20 markets in Europe where it is live today, in part by expanding its 'q-commerce' service – the delivery of items to urban consumers in 30 minutes or less.
Moreover, the company stated that it will use the money to double down on that strategy, including hiring up to 200 more engineers to work in its headquarters in Barcelona, as well as hubs in Madrid and Warsaw, Poland to build out the technology to underpin it.
Overall, the funding comes on the heels of a very busy period of fundraising in the sector as investors the race to get in on the delivery of hot food, grocerie,s and other necessities in Europe — a fast-growing business model in the most normal of times that blasted off in the last year as an essential service for consumers confined to their homes, often by government mandate, to stave off the spread of the COVID-19, TechCrunch reported.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.