Glovo announces USD 528 mln funding round

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.