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. It is called the Yellow Fund and will invest in startups from the idea stage to Series A, according to a new site, from which all information has been removed since Sifted published this article.

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

The foundation’s website says Pierre will donate at least 51% of his wealth to the Yellow Fund, which will fund the foundation as part of its broader mission to “give back to society and the planet through the empowerment of technology entrepreneurship.”

The site added that the rest of the capital will come from “other successful founders who have successfully built scalable companies.”

It said the fund would be sector agnostic, focusing on start-ups in Spain and other southern European companies, but would invest in other regions, particularly those where Glovo has a footprint and there is a “general lack of venture capital”.

Investment experience

This isn’t Pierre’s first foray into investing — the founder has been an active angel investor for several years, backing companies such as meat substitute brand Heura, retail property investment platform Beanstock and insurance company Cleverea.

Last year Pierre – said Proseyanny that he “hasn’t mastered that early-stage investment dynamic,” but he tries to spend one hour a week talking to early-stage founders.

To bolster the new fund’s investor know-how, 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 advantage of experience in leading venture capitals outside of Spain.

The website says the fund will also consider candidates who have raised venture capital as a startup founder, provided they have some investment experience.

Jump ship?

The announcement comes at a difficult time for Glovo. After being acquired by German multinational Delivery Hero at the beginning of the year, Glovo has been like this raid European Union for possible violations of antimonopoly legislation. The investigation is still ongoing and is looking into whether the company was operating in a “cartel” with other delivery companies.

Today is also the Minister of Labor of Spain announced that Glovo was fined €79 million for violating labor laws that require food delivery platforms to employ their riders rather than treat them as freelancers. A statement from the Ministry of Labor said that Glovo had refused to give employment contracts to 10,600 riders in Barcelona and Valencia.

Sifed approached Pierre to ask how much time he would spend on the new fund.

Tim Smith is a correspondent for Sifted Iberia. He chirps with @timmpsmith

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

Source link