Glovo has announced that is has raised Ksh. 16.7 Billion in series E funding with this round of investment being led by Mubadala and previous investors like Drake Enterprises, Idinvest and Lakestar.
The Barcelona based start-up which provides a technology platform to deliver everything from food to groceries and drinks has consolidated its position within its markets, which include Africa, Europe and Latin America. It’s among the top two on-demand players in 24 of the 26 countries in which it operates and has cemented itself as a global leader in the on-demand delivery sector.
With the funding, Glovo is investing in its engineering capabilities and technology systems. The company recently entered the Polish market in a €35million deal that established a second technology hub in Warsaw. It plans to expand its global tech team by hiring 300 additional engineers by mid-2020, with 40 dedicated engineers and 50 tech and product experts to be based in its new Warsaw office.
By channelling the new investment towards the expansion of its technology team, the start-up will continue to strengthen its tech offering by further streamlining its user experience, reducing the waiting time for couriers and customers, and opening new dark stores and cook rooms.
According to the company, they will continue to innovate in the sector and build out its multi-category offerings, delivering groceries and other everyday items. To spur on the growth of its groceries category, they will continue to seek strategic partnerships, similar to its deal with Carrefour.