The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 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
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Feb 26, 2025 Oscar Pierre, Founder and CEO of Glovo, shares his incredible journey from launching a food delivery startup with minimal funding to its eventual €2.2 billion acquisition by Delivery Hero. He discusses selling a third of the company for just €100K and reveals how a critical partnership with McDonald's saved the operation. Pierre also dives into the challenges of running out of money three times, burning $1 million daily, and the tough lessons learned during international expansion, particularly in Brazil. His story is a testament to resilience in the startup world.
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Glovo's Humble Beginnings
- Oscar Pierre's initial idea for Glovo was an "Uber for errands."
- Inspired by his mother's errand-running, he built a basic app with €10,000 and a Russian development team.
Early Fundraising Challenges
- Glovo's first funding round was valued at €280,000, raising €100,000.
- Most European VCs initially passed, doubting their ability to compete with established players.
Defining Product-Market Fit
- True product-market fit involves achieving profitability, not just user engagement.
- Shifting revenue streams to merchants and leveraging network effects are crucial for sustainability.