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
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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Quick takeaways
- Glovo's remarkable growth trajectory began with a modest €100K pre-seed round, showcasing resilience amid skepticism from venture capitalists.
- A crucial partnership with McDonald's not only saved Glovo financially but also expanded its market presence against competitors like Deliveroo and Uber Eats.
Deep dives
Initial Challenges and Early Funding
The company's founding journey began with significant skepticism from venture capitalists, as many European VCs passed on the opportunity, viewing the founders as inexperienced. Despite raising a mere 100,000 euros during their pre-seed round, they managed to establish the company, showing resilience in the face of doubt. The initial valuation of 280,000 euros reflected their humble beginnings, yet they pushed forward, driven by a vision of revolutionizing food delivery. The journey quickly escalated as they recognized early customer demand for fast food delivery, particularly from McDonald's, marking the beginning of their ambitious growth trajectory.
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