2023-06-04 19:43:13
BarcelonaThe new investment fund for start-ups from Glovo founders Oscar Pierre and Sacha Michaud is starting to take shape. This is Yellow Fund, a fund manager that aspires to raise a total of 50 million to invest in new initiatives, and that will have a key figure in the team: Adam Lasri, a former executive of Atomico, one of the main funds of the entrepreneurial ecosystem in Europe.
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Lasri has been the latest addition to this manager that the founders of Glovo have promoted after receiving, together with other members of the leadership of the home delivery firm, around 120 million euros in all as a bonus for the sale of Glovo to Delivery Hero.
Adam Lasri was, until November, part of the leadership of Atomico, one of the largest investment vehicles in Spain, created by the founders of Skype after the sale to Microsoft in 2011. Lasri’s position was, from 2017 and until November 2022, the principal, which in the investment world refers to a senior member of the investment team who is not a partner. In this position, Lasri was part of the board of directors of start-ups Catalans such as Onna and Abacum, and also from Madrid Ontruck. The ex-Atomico’s role in Yellow will be that of co-founder, as he himself has published on social networks.
Goal: 50 million
Pierre’s goal is to reach a portfolio of 50 million euros, of which he will contribute between 10 and 15 million, and is looking to gather more investment from third parties. Yellow Fund, based in Barcelona, was born, according to the company’s description on its LinkedIn profile, with the idea of investing in emerging companies in southern Europe, mainly in the initial stages – the so-called seed stages or seed– and series A. Consulted by the ARA, the manager did not want to give any information, and they assure that in the coming weeks they will reveal more details.
Although the fund is still at an initial stage and actively looking for investors like Lasri, Yellow Fund also has Víctor Navarro, a former K Fund, one of the main Spanish managers. Navarro has Pierre’s manager in charge of principal. Between 2020 and 2023, he worked at K Fund as an investor in early-stage companies, the same type of companies Yellow Fund aims to target. Previously, he had also been an analyst at Galdana Ventures.
Stone inversions
Oscar Pierre already worked as a private investor or business angel since a long time. At Glovo itself, he was known for encouraging workers to undertake and had even entered several projects. In the last year, he entered as an investor in the start-up Catalan Buo, an application for shopping at the supermarket at the lowest price. He also invested in the Catalan company Rever, dedicated to managing internet shopping returns, and participated in a 16 million round in Heura, the popular vegetable protein company, among other operations. In addition, until a few months ago it was part of the GoodNews board of directorsthe coffee and press chain led by Jan Barthe Cuatrecasas, nephew of Emilio Cuatrecasas.
The founder of Glovo is not the first to decide to professionalize his investments after a million dollar sale (exit, in investor jargon). Jon Uriarte and Ander Michelena, founders of Ticketbis, already created All Iron Ventures in 2016, after selling their company to eBay for 165 million euros. They currently manage through their fund about 110 million in more than 40 investments a start-ups. But the list does not end here: Dídac Lee, founder of Tradeinn, co-founded Galdana Ventures; Iñaki Arrola, founder of coches.com, which was acquired by Santander Consumer Finance, now manages more than 350 million euros of investment through K Fund; José del Barrio, one of the partners of La Nevera Roja, founded Samaipata after selling the company for 80 million. The et cetera is long and now the founders of Glovo have joined it.
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