YouSaid · the spoken record

Oscar Pierre

lines on the record: 93
first: 2025-02-26
most recent: 2025-02-26
sittings or episodes: 1
sources: podcast

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“It was like a black hole. Probably we lost like 30, 40 million euros. Yeah, look, we just did the wrong assessment. We looked at what was there in the market. There was a company very successful called iFoot. And we thought that iFoot was very similar to Jastit. Whenever we saw Jastit in any market, actually we launched because we knew we could compete against them and we could offer a better service. So we saw a lot of similar things, but we just did the wrong analysis. And when we went there, we realized that iFoot had all the content. all restaurants, all brands were delivering with iFoot. They had the pretty good service. So at the end, these platforms are really sticky, right? If a high percentage of population is already using iFood, you need to spend a lot of money in vouchers to convince customers to switch to another app. Even if they switch, they will tend to go back to their favorite app, right? Unless you...”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“In some cases, yeah, for example, we seek markets like Morocco where that ratios is very large and this allows us to offer the service much more affordable to the end customer.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Than the AOVs is the ratio between cost of labor and AOVs, which matters a lot. The bigger the ratio is, the more affordable you can offer the service and the more demand you will find.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“So, look, I now was kind of our co founder, he was our COO, and we sent him there to lead Aladdin for the first two years. And we expanded to, I think, 10 or 12 countries. Meanwhile, I heard someone that came from Uber that had been doing expansion there. And we looked at the rest of the world. And where we places that we liked a lot were countries that the investors I had to really convince them or even launch without their approval in countries like Kenya or Kazakhstan. Because from the European point of view, it was like, who's going to order food delivery in Kenya? I was like, well, there's a lot of people with cell phones and, you know, people like food and they like to convenience.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Were a few differences, but not massive. We have a playbook that is quite scalable. Again, we use a lot. Believe it or not, we use a lot of TV on top of online media. But TV has worked very well for us to drive a lot of downloads and new customers.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“The three sides of the marketplace were working. It was easy to convince restaurants, couriers, there was good availability. But the most important thing was customers. We were acquiring customers and retaining them. And when we saw that, we were like, well, the platform works really far away from Barcelona. Let's go huge. And then we roll out in all Latin. We want to countries that...”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. We're late and we could not acquire customers cheaply and retain them cheaply because there were already two competitors doing it well. But when we got that, we were like, okay, let's look at the map of the world. There's so many countries out there where nobody has disrupted them yet, right? So as a Spaniards, we look to Latam. I think Spaniards, entrepreneurs, it's a small secret we have there, but it's actually pretty natural for us to expand into Latin, which is a massive market, right? There's a cultural and language thing there, right? So we started with Latin and we went to Peru, Chile, and Argentina. And that was a big inflection point. When I saw, when we launched Lima and I saw the first week, it was flying. I was like, whoa.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, no, you're scared. So after Spain and Italy, when we realized we had cracked the model, we got super ambitious and we said, hey, because Paris, we failed. And we understood why we failed because we were late.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“So, in that case, I think we had to do like a small internal round, and then it gave us another three months to find another lead.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Because the stakes kept getting higher. So the industry kept getting more and more irrational, more and more growth. We were still at negative unit economics. So things were going really well, but the burn kept scaling. When we finally closed around, every single time we were like, fuck, like we either overinvest and we shorten our runway or ober eats and the liberal will kill us in all of our markets. It was a life or death decision all the time and we had to overspend every single time. And in one of those, again, it was December. We had to sign the round by, I think the first week of January, end of January, we were running out of money. And December 23rd, I get a call from the lead investor saying that they're passing two days before Christmas. And yeah, that was a really bad Christmas.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Were two Series B, Series C? Well, I mean, I think it was our Series C again, two months left of cash. So for seven years, we raced around every nine months.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, in that round, it was a typical round that I had a lot of money pending to have a lead investor. At the end, it was three leads, two European VCs and Raku 10. The story doesn't end there. It got even worse because we're about to sign the contract with McDonald's. We were already operating with McDonald's, but we had to sign the contract for the next two years. And ICs had been already approved, everything, all the docs were ready. And I get this call from one of the lead investors from Paris. He's like, look, we had another IC. I was like, but you already had an IC. No, but there was another IC and they're fine moving forward, but we need the contract of McDonald's signed. I was like, no way, man. Like these contracts take time and I have three weeks left of cash. So I was there negotiating with McDonald's. At some point, I had to tell McDonald's like, hey, look, we need this contract. Otherwise, like we're going to have to shut down the operations. And finally, we got the contract.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“So we raised as much money as we could in the seven years of fundraising. I could never choose. I never said no to an investor. That's how little optionality I had. And back to that brown that I was telling before, the Series A. When there were no VCs left to page two, Globo was saved because I was in an event of the FCV football club Barcelona, who's a sponsor back then was Rakuten. Rakuten is the Amazon of Japan. And Mikitani, which is the founder, he was there in the party. And in the event, and he met me, and for some reason he liked the company, he had seen the backpacks in the streets of the couriers, and he decided to lead around. So you can work really much.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Say in average, yes. Yeah, yeah, when you speak to not only Americans, also, I don't know, you go to Tel Aviv, you also feel that you just feel smaller. And then you look at the business you have and they have nothing to envy.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, I struggled. I struggled a lot. Most of the people that I found had never built things, right? So it was really hard to connect. Even the ones that invested in us, building a company is such a roller coaster, right? That if you don't have people that are used to this roller coaster, they add so much pressure, right? You get a lot of pressure from the business because there's always bad news coming. But if you also get pressure from the VCs, it's like, it's too much.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“I think I wasn't the best at fundraising. Maybe I was too transparent, too humble. Yeah, and maybe I liked more big ambition or aggressiveness. And I think what they missed is the power of working really hard with less money. Where can you go far you can go with less money but really, really good execution, even if you're really inexperienced and very young, I think what no other competitor can beat us at is the culture of working really hard. What allows us to, for example, win the deal of McDonald's or to beat big competitors in any single market, I don't think any large competitor is now bigger than us in any of the markets where we operate. And this is just daily local execution and a mega obsession on details.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Was so many, and there were so many names that you would not know. So, all the typical VCs, or I would say all the European VCs or most of them passed on us. Nobody believed in our story, you know, a bunch of kids from Barcelona BTI think the Liberus and the Uberids of the world, who were always one step ahead in fundraising, right? So I remember the series B, which was the first, large run. It was like 25 million. We were going to die. I had visited, I still have the list, 120 VCs that passed, not an email, but an actual call or a meeting. And I just had no more VCs to pitch. Like I Googled and there were no more in Europe, right? And that round”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“So, our fundraising story is really tough. So, we've been at the edge of dying at least three times, and you look at the cup table we had when we sold, and it looked like a Frankenstein cap table.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“In our case, scale is fundamental, right? You have to win in every market to make it a sustainable business. And this mega large brands like McDonald's, it's what brings all the new customers, right? At some point, it was very scary because 70% of our volume in Spain was McDonald's. But I was okay because I knew this was just, it was just part of the customer flow. So customers went there, they ordered McDonald's, but then you could see in the cohorts how they started ordering more and more things. So it was just a matter of time that that 70% decreased to, I don't know, the two day levels, which is between 10 and 20 in most countries.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, with McDonald's because the CEO of Italy McDonald's was like, wow, you're doing pretty well. Who are you doing this with Globo? And they also gave us the exclusivity for two years.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“But everybody knew in the team that that was life or death. So we were all in. We had all engineers building things that McDonald's wanted, putting the McDonald's logo everywhere, any request that they asked us. It was all yes. And that Uber from San Francisco couldn't compete the local team in Spain. So we won that deal. And it was massive. The power of that brand, how many new customers it brings, it was huge. And that started spinning the wheel effect of us growing a lot. And then we replicated the same strategy in Italy.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“I test this well, you know, we're going to launch with you, we're going to launch in Madrid. You guys look like a bunch of kids because we were a bunch of kids. We were in a garage. Maybe the team was only 20 people.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Give us a test. For some reason, she trusted us more than above Uberits, and she gave us that test. And that was a huge inflection point.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“So, look, going back to our history, right? So we cracked Spain, and I can tell you the story, we unlocked the biggest deal of all history for delivery, which was McDonald's. So this is back in 2018, the CEO of McDonald's in Chicago sends a message to all the countries and says, hey, we have to go into delivery and we have one exclusive partner, which is Uber Eats. That was in 2018. Back then, we were competing against three players in Spain. Uber, deliberu and Jastit. And when we read the news, we were screwed. If Uber gets this deal and can start delivering McDonald's for one or two Euro delivery, we shut down the company for sure. So we found who the decision maker was. It was a lady called Susette, and we went to Madrid. At least I traveled there like 40 times to see her. And we convinced her to break the global exclusivity.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's an optimization game. It's all about lifetime value and understanding very well how every minute of delay is going to impact the lifetime value or the retention of that customer for the next order. We try to measure this all the time. It's the nature of our business.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, on the rain, yes, you can train on weather, and we have a lot of data, live data, on the weather of every single city where we operate. You also build a lot of products so that the restaurant can tell you if there's any externality. My story is basically I need some rest, right? I need 20 minutes off, or disorder is really big, I need to edit. No, so all of those inputs, you have to build a lot of product that is very easy to use for the restaurant in saturation times, right? It's very high tension moments for the restaurant usually because they have people to serve in the restaurant and also the couriers to serve.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Which it's going to take. So, this is all data that you keep training the models. And then I would say that the last one is”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, it helps everywhere in the marketplace, right? On one end, it's logistics, right? We very fast, we become the largest logistics fleet in any city where we operate. That means that we have the cheapest cost to move something from point A to point B. It's like Uber, right? You generate an order now in Glovo, in Barcelona, you will probably find a courier available a few meters away from the pickup point. Then there's all the data, right? So all the data you generate with the restaurants, delivering food is so complex, right? Because it's a business where every single second matters a lot, right? You cannot send the courier late to pick up the order because the food is going to get cold. You cannot send it very early because that's seconds that you're going to have to be paying the courier, right? So it's a business about seconds. And the more data you have about, okay, how long is this restaurant going to take to prepare a pizza? Or how long is it going to take that same restaurant if instead of preparing a pizza, it's preparing a paella, right?”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“So, in the case of Tunisia, maybe I'd say between 5 and 10 million. But then these businesses get a lot of scale. The beautiful thing about this industry is the scale. We're in some markets where our GMV, our gross merchandise value is getting too close to 1% of the GDP of the country. It's a service that people use so frequently and for so many things, right? It's not only restaurants, it's groceries, it's pharmacy, it's shops that it gets to a lot of scale. That's why there was so much money poured into it, right? Because I think all VCs understood at some point that this model was here to stay and would become this massive scale platforms in every country. But you had to win, right? And that's why the 2018 to 2022, I think it was probably the bloodiest VC battle of maybe of all consumer history.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Depends, right? Because we've been launching markets since day one. Now, for example, the most recent market we launched, I think, was Tunisia. And Tunisia has taken maybe like two, between two and three years to turn it into profit. Now, it all depends on how fast you want to go. You can turn it into profit in six months, but you're going to move a lot slower, right? So if you want to reach a big scale and you want to invest, you only have to invest big in service and marketing in the first two years, and then you turn it into profit.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Can work, and we have out of the 23 markets we have, we have very few where we are number two and are profitable. It's tough. You need to be a very relevant number two.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, first we launched in Barcelona, then in Madrid, then Valencia, then we said, okay, let's try, let's go international. And we picked Paris and Milan. Milan worked really well. Paris didn't work well. And the main reason was because in Paris we were late. We were launching maybe like two or three years after Delibreux and Uber Rich launch. So we never gained the scale and the leadership to be a sustainable business, right? In our industry, you really need a lot of market share. You need to become”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, it's all about scale. So, in our industry, marketplace dynamics work on a city or on a national level, right? So we invest a lot in building the brand and the business on a national level and why the country is important is because most of the big partnerships are also countrywide. So you negotiate with McDonald's, with, I don't know, with Walmart, with big brands that operate on a country in all the country. And then you also build a brand. We use a lot of channels that apply to all the countries. Like for example, we have invested a lot in TV. So you have to win in every country, right? And the network effects happen inside the country. When you cross the border, it doesn't matter how big and how well known your brand is in Spain. You go to Portugal and you start from zero. And that's another battle that you have to win. And I think what we learned really fast, because as an entrepreneur from Barcelona, our natural expansion was”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“For a very long time, I could see we were delivering a service that people liked, but we had very negative unit economics. And there was a very, most of the investor community didn't believe that this new industry would turn into profitability, right? So that's not really product market fit because you're delivering a service that people like, but at the price that people don't want to pay. So it took a while until you started seeing the power of network effects, you know, the fleet of couriers growing, gaining all deficiencies. And then at some point, which is the key of this business, of course, you start moving the revenue stream to the what we call the merchant, not the partner, not the restaurants, the stores, the groceries. You can start making the service cheaper and cheaper for the customer.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“But yeah, with that, we could hire the first CTO, start the app from zero. But we were already serving, no? We were already getting some orders somehow. We also had a website. People just sent us text messages, like go to this store, pick up this. Now again, we started seeing some orders from McDonald's. So now we launched and then we started seeing some traction. It took a while, took a year, and that took us to the next round, which was like a million and a half.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“And with that, the first business plan and the first deck that we had took us to profitability and to a sustainable company.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah, yeah. I was so young. I knew nothing about, of course, VC. And you will find this very funny. But the first round was valued at 280K free money. And we raised 100K.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“And I wish it didn't work. But I had something to start showing to investors. I had some mock-ups. Okay, so you have something to show.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“I googled, built an X for Uber app, and I found a developing company in Russia in eastern Russia that was the cheapest provider I found. And they promised me that they would deliver a first version of the app for like 8,000 euros.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“He was pretty fast. Again, I was at Airbus. I had a lot of free time. And I had 10K, 10,000 euros to spend in the first app. I was not a computer science, so I couldn't code the first step. How did it get it?”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“Service and then when we launched it the first aha moment that really made our ambitions a lot bigger was that we started seeing people ordering McDonald's. They order Big Macs. I was like, holy shit, like why Big Macs, there's already a website called Jastit where people ordered food. And that was the big aha moment. And that's when I understood that food delivery was still to be massively disrupted. There was the Generation One of Food Delivery in the case of Spain, Barcelona, where we started the business. It was Jastit that basically had a marketplace where they aggregated restaurants that did the delivery themselves. But there wasn't a marketplace that also offered the delivery and therefore unlocked all the supply of the city.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“So the artisans weren't huge. There wasn't a huge ambition at the beginning. I was in school, I was studying for aerospace engineering and I graduated. Immediately I went to my dream company, which was Airbus in France. And there I realized really fast that that was a very big corporate company that I didn't want to be in. And that's when I started basically building a deck. I got some inspiration because I finished my studies in Atlanta and I saw how Uber launched in Atlanta. So I said, why don't we build the Uber for errands? That was the first original idea. I was thinking about my mom. My mom was always very busy doing errands for my father, for my brothers, for me, like, I was like, why don't we digitize this? Why don't just build an app where anyone can just ask for any errand? Just go to this store, pick up this, buy this, and bring it to me. And that was the first idea. Of course, it was a very niche and very high-end.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source
“The first round was valued at 280k free money, and we raised 100k. I would say all the European BCs, or most of them, passed on us. Nobody believed in our story, you know, a bunch of kids from Barcelona, B think the Liberos and the Uber eats of the world. I remember the series B. It was like 25 million. We were going to die. So we unlocked the biggest deal of all history of food delivery, which was, and that was a huge inflection point.”
2025-02-26 · The Twenty Minute VC · 20VC: The Insane Story of Glovo: Selling 30% of the Company for €100K | The McDonalds Deal That Saved Them | Running out of Money Three Times | Burning $1M Per Day | Being Acquired for $2.2BN with Oscar Pierre, Founder @ Glovo · IDENTIFIED FROM THE TRANSCRIPT · source