Oscar Pierre, co-founder and CEO of Spanish delivery company Glovo, is launching a new venture capital fund and hiring an investor to join the team. He is called the Yellow Fund and will invest in startups from the idea stage through Series A, according to a new website, which has had all information removed since Sifted published this article.
Pierre spoke about the plan at an event in Barcelona last night, saying it would be a €50m fund, of which he would personally invest between €10m and €15m, Sifted understands.
The fund’s website said that Pierre will donate at least 51% of his wealth to the “Yellow Foundation”, which will fund the fund as part of its broader mission to “give back to society and the planet by empowering entrepreneurship.” technological”.
The site added that the rest of the capital will come from “other successful founders who have successfully built scalable companies.”
He said the fund will be sector independent, focusing on startups in Spain and other southern European companies, but will invest opportunistically in other regions, particularly those where Glovo has a presence and there is a “general lack of venture capital”.
This isn’t Pierre’s first foray into investing: the founder has been an active angel investor for a few years, backing the likes of meat replacement brand Heura, retail property investment platform Beanstock and insurance provider Cleverea.
last year peter said sifted that he hadn’t “mastered these early-stage investing dynamics” yet, but that he tries to spend an hour each week talking to early-stage founders.
To bolster investor awareness of the new fund, the site 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 a preference for the experience in main VCs outside of Spain.
The site said the fund will also consider candidates who have raised venture capital as a startup founder, provided they have had some investment experience.
The announcement comes at a difficult time for Glovo. After being acquired by the German multinational Delivery Hero at the beginning of the year, Glovo was raided by the European Union for potential violations of antitrust laws. The investigation is still ongoing and is looking into whether the company was operating in a “cartel” with other delivery companies.
Today the Minister of Labor of Spain also Announced that Glovo has been fined €79 million for breaking a labor law that requires food delivery platforms to employ their passengers, rather than treat them as freelancers. The Labor Ministry said in a statement that Glovo has refused to give employment contracts to 10,600 cyclists in Barcelona and Valencia.
Sifted approached Pierre to ask how much time he would spend on the new fund.
Tim Smith is the Iberia correspondent for Sifted. He tweets from @timmpsmith
**Article Update: At 13:10 CET on 09/21/2022 Sifted updated this article to reflect the fact that all information about Yellow Fund has now been removed from their website.