Oscar Pierre, founder of Glovo, launches new €50 million VC fund

Oscar Pierre, co-founder and CEO of Spanish delivery company Glovo, is launching a new VC fund, and is hiring an investor to join the team. It’s called the Yellow Fund and will invest in startups from the idea stage to stage one, according to new site, From which all information has been removed since Sifted published this article.

Speaking about the plan at an event in Barcelona last night, Pierre said it would be a €50m fund, of which he would personally invest €10-15m, Sifted understands.

The fund’s website said Pierre will donate at least 51% of his fortune to the “Yellow Foundation,” which will fund the fund as part of its broader mission to “give back to society and the planet by enabling technology entrepreneurship.”

The rest of the capital will come from “other successful founders who have succeeded in building scalable companies,” the site added.

He said the fund would be sector-neutral, focusing on startups in Spain and other companies in southern Europe, but would invest appropriately in other regions, particularly those where Glovo has a footprint and there is a “general lack of venture capital capital”.

Investment experience

This isn’t Pierre’s first attempt at investing — the founder has been an active angel investor for several years, supporting the likes of meat-replacement brand Heura, retail real estate investment platform Beanstock and insurance provider Cleverea.

Pierre last year Mankhool said He hasn’t “mastered the dynamics of early-stage investing yet,” but tries to spend an hour each week talking to early-stage founders.

To enhance investor knowledge of the new fund, the website said Pierre is looking to hire someone with more than five years of experience in “investment banking, management consulting, private equity or venture capital,” with experience in senior venture capital outside Spain preferred.

The site said the fund will also consider candidates who have raised VC capital as a start-up founder, as long as they have some investment experience.

jump ship?

This announcement comes at a difficult time for Glovo. After the German multinational Delivery Hero acquired Glovo . at the beginning of the year raided By the European Union for possible violations of antitrust laws. The investigation is still ongoing and examining whether the company is working in a “cartel” with other delivery companies.

The Spanish Minister of Labor today also announce Glovo has been fined €79 million for breaching a labor law that requires food delivery platforms to hire their passengers, rather than treat them as independent workers. The Ministry of Labor said in a statement that Glovo refused to award employment contracts to 10,600 passengers in Barcelona and Valencia.

Sieve reached out to Pierre to ask how much time he would spend in the new box.

Tim Smith is Sifted’s reporter in Iberia. Tweet from Tweet embed

**Article update: at 13:10 CET on 09/21/2022 Sifted has updated this article to reflect the fact that all information about Yellow Fund has now been removed from its website.

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