¡Gracias por ver a todos! ¿Estás listo para nuestro fantástico chat de fíjaro ahora, ¿sí?
¡Gracias! ¡Eso es brillante!
Ok, tenemos una tarea en la estación.
Tenemos dos rockstar de Barcelona, Texxin,
que van a hablar de la fila de Glovo.
Se van a ver una entrevista con el CEO y co-founder de Glovo.
Y van a aprender de la fila que le llevó a él,
la personal y la fila de negocio que le llevó a él
y su compañía a la anunciación reciente que el heroe de la convocación
se convirtió en su mayoría,
a través de la adquisición de un adicional de 32% de la compañía
que le llevó a la evaluación de 2,3 millones de euros.
No puedo decir qué honor es tener estos gentlemen aquí.
Esto es una de las grandes historias de la ecosistema de Barcelona,
una gran evaluación, una compañía innovativa
y dos mindes brillantes para que nos acompañen aquí hoy.
Quiero darles a vosotros la mejor, más rara y rara bienvenida
para dos rockstars que vamos a acompañarnos ahora,
el CEO de Vítnig Bernat Ferraro
y el CEO y co-founder de Glovo.
Bienvenido, Oscar Piedro.
Gracias.
Hola.
Hola, hola, hola.
Sí, está trabajando.
¿Puedes escuchar a nosotros?
Sí.
OK.
Gracias a todos por estar aquí.
Soy Bernat, Oscar Piedro.
Mi segundo trabajo es entrevistar a Oscar Piedro.
He already interviewed him twice, ahora.
Ahora es la tercera vez, ¿verdad?
Sí.
Para los que no han visto la versión más larga de la entrevista,
está en el podcast de Vítnig.
Oscar es un entreponer que empezó seis años,
siete años atrás, con una picha muy diferente
de lo que tienes ahora.
Si me acuerdo,
tú fuiste pichando una solución para enviar los botones
a tu mamá, algo así.
Seven años después, 2.3 valoración,
la empresa es solta, una mitad de eso.
Sí, una gran parte es solta, sí.
¿Cómo recuerdas esta evolución?
Desde el principio hasta ahora,
¿qué es el key de los milestones,
los más importantes eventos que han formado
el club de hoy?
Así que, como dije,
empezamos aquí en Barcelona siete años atrás.
Para mí, era como un proyecto de colegio.
Justo terminé el ingeniería de Aerospace.
Quería trabajar para una gran empresa,
y me fui a Airbus.
Cuando estaba allí, no me gustaba.
Empecé a trabajar en una alternativa,
en crear mi propio trabajo.
La primera versión de Globo no era muy ambiciosa.
Era solo este servicio premium.
Aquí en España, lo llamamos Recados.
Quedamos digitalizar Recados. Recados es Erans, en inglés.
Y ese era un proyecto muy raro, no muy ambicioso.
Y creo que hemos tenido ambiciosos durante la carrera.
Para desarrollar el primer proyecto,
el primer MVP,
tuvimos que construir una red de carreras
que estaban en el mundo disponible.
Durante la carrera,
creímos que no hubo muchas oportunidades.
El primer fue en hacer el trabajo de comida mucho mejor.
Creo que fue el primer punto de inflexión.
Cuando realizamos que, con muy poco fundación,
tuvimos mucho mejor servicio y proyectos,
y una posibilidad que las empresas, como Justi, por ejemplo.
Justi fue un gran monstruo, atacando un espacio muy grande.
Así es cuando empezamos a ser muy ambiciosos.
Y luego, esa ambición ha estado para el resto de nuestra carrera.
Pensábamos muy grande en expandir internacionalmente.
Cuando empezamos a ver que España y Italia empezaron a trabajar,
eso fue cuando tomamos muy grandes riesgos.
Nos fuimos internacionales muy grandes.
Nos fuimos a Sudamérica, a África.
Y sí,
hay un momento en el que creíamos que podíamos construir
una de las grandes empresas teches en Europa.
Y eso fue un momento muy chico,
porque en 2015, cuando empezamos a dar dinero,
con los ángeles locales en Barcelona,
la ambición no estaba ahí.
Todo lo que siempre explico es que,
cuando fuiste a dar dinero,
una pregunta común en todas las reuniones de los investidores
era quién va a comprar esto.
¿Como es que un jugador americano, chino,
un jugador germán va a comprar esto?
¡German!
Sí, así que ha sido el germán.
Pero eso fue muy limitado en términos de ambición.
¿Tienes esta ambición?
O sea, probablemente tenías esta ambición dentro de ti.
Dices que no empezaste con ambición,
pero lo definiste diferente.
Y en algún momento, cuando te sawas la oportunidad
de hacer la tecnología o el servicio mejor que lo hiciste,
eso fue un punto de desplazamiento.
Y luego, en algún momento, decidiste a internacionalizar.
¿Cómo definiste un roadmap para internacionalizar?
¿Cómo definiste muchas ciudades?
¿Cómo muchos países?
¿Dónde terminaste?
Creo que la expansión es una de las clases de la historia global.
En dos formas.
Creo que construimos una máquina de expansión que fue ultra rápida.
Así que fuimos muy rápidas en expandir,
pero también fuimos muy rápidas en cerrar.
Y uno sin el otro no habría funcionado.
Así que, de nuevo, en 2017,
en España y en Italia, las cosas empezaron a funcionar.
Y nos damos la oportunidad de replicar esto en muchos otros países.
Empezamos a mirar a países que no eran primeros países
para los investidores.
No mirábamos a Estados Unidos, Alemania o Francia.
Y nuestro hipótesis era que el servicio de comida,
el servicio de demanda,
sería una cosa en cualquier gran ciudad en el mundo.
Empezamos a mirar a Sudamérica, East Europe, África.
Y básicamente construimos un equipo,
lo que llamamos Launchers,
que son usually young profiles
with two or three years of experience
that we're looking for a very intense 18 months work.
We trained them in Barcelona, we trained them for three months.
They understood, they learned how global work from A to Z.
And then they were off and they worked like nomads.
So we had a team of ten launchers
that were all in parallel launching new countries.
So basically we built a machine of launching very fast.
But I think what made us really special was
that we decided to shut down countries also very fast.
We at global were very obsessed about winning
and about being the first player.
We think at the end of the day we're a marketplace
and in a marketplace model usually only one player wins
or one player has a very solid business model.
And in our case the network effects happen only on a country basis.
So it's a country to country battle.
So whenever we realized that one country would not make it,
we would not become number one, we shut it down very fast.
How do you realize?
So we don't have a super standardized way of doing it.
There's usually a lot of signals.
We track things like our downloads, market share.
If we're being able to sign deals with the biggest brands,
how aggressive the competition is.
So there's a lot of metrics we look at.
At some point you realize your competitor is four times bigger,
they're investing two times more.
We're not going to beat them.
Even though we can outsmart them and stuff,
there's a certain point where you're like,
this is not going to work.
And we have learned to be quite fast in taking these decisions.
It's a very tough decision to shut down a market.
How fast?
So Brazil was the fastest
because also it was the most obvious.
We went all in in Brazil.
We went from operating from zero to operating in 15 cities,
having a team of 150 people in four months.
Fantastic local team.
And it became super obvious that our hypothesis
of launching that country were wrong.
We thought the local player was like a justice
that we could eventually beat.
And we realized very soon that no,
like they had a very good service, very good brand,
they operated with all the restaurants.
And we took the tough decision to shut it down.
In how long?
In six months?
In six months.
How does it look, the shape of the curve?
When you open a country, the first 12 months,
how does the revenue look like?
The people, headcount, traders,
of an average city for global?
Yeah, we look more at countries more than cities.
Country then?
So, I don't know, a country like Spain, for example,
we operate in 400 cities.
We have a team of, I think, 250 people.
Spain is the easy one.
Yeah, but we, one thing we've done well
is we really treat Spain as another country.
Initially, one mistake that we did
was that headquarters was operating Spain.
And at some point we took the right decision of,
Spain is just one more country,
because what we realized was that
all the executive team of global,
all headquarters were actually taking decisions
and was super biased for Spain
and we decided to separate it.
I don't know, a country like Romania, for example,
also 100 cities might have like 150 people headcount.
You, global is a leader in delivery in Ukraine.
Yes.
And now we're in a very tough situation in Ukraine.
Yeah.
How do you feel it personally?
You obviously know everybody in the country
and how do you act as a company
in a situation like this?
Yeah, so it's been,
it's been the biggest thing for us since last week.
So Ukraine is very important for us.
It was, we launched it four years ago
and we built a very large team, very large business.
The team there is fantastic.
They fled in things like social impact,
in things like innovation.
I was there three weeks ago.
So personally also it's been very tough
and we're doing everything we can.
So I think the first thing we tried to do
when the war exploded was getting out of the country,
everyone that wanted, out of our team, we have 200 people.
Only four decided or could get out.
So we still have 196 global employees that are in Ukraine.
And with them, it's daily very intense.
We've done a lot of basic things like making sure,
like advancing their salaries for three months.
We're guaranteeing food supplies to all of them.
We're using our warehouses.
There's a daily check-in from every manager
to make sure everyone is okay.
We have a team of,
we have also set up a team of 15 mental specialists
to help to support them psychologically.
And just doing everything we can.
It's also been amazing how the entire global
team has reacted.
Everyone is willing to host their peers.
There's a lot of energy going to Ukraine now.
It's very heavy.
It's one of these things that you wake up every day.
And it's like, you forget it's a reality every morning.
So yeah, putting a lot of energy into it now.
It's important if you find ways to collaborate with the tech world.
I mean, I'm sure many tech companies
are willing to help and support,
so I think it's important.
No, there's a lot of groups of tech companies.
Kiev is a very large tech hub.
There's a lot of American and even Barcelona startups
that have tech hubs there.
So we're getting together a lot to share best practices
and resources.
So going back to the transaction that was announced
at the end of last year.
The sale of the company for 2.3 billion.
What exactly does it mean?
How does this transaction, it's only 80%.
Did you sell your part?
You're still a shareholder.
How does it work?
So very simply, we got to a point where
we were misaligned with most of our shareholders,
so our shareholders wanted to basically exit
or have a liquidity path.
The team was super excited to continue building
and we see massive value still to be created.
So what Delivery Hero did was they bought all the shareholders.
Right now I only have one shareholder,
which is them, Delivery Hero.
And the team has the optionality to sell.
And we have an optionality to sell during the next,
well, during the midterm.
Personally, no, I still haven't sold.
I believe a lot in the project.
I think it's still very early.
We like to say that books, restaurants for global
are like books for Amazon.
So for us, starting with restaurants was only like a way,
like a door into something much larger.
I think we have something unique,
which is we can deliver things in 20, 25 minutes.
And this unlocks a new world of e-commerce for the future.
And on top of that, when you look at our geographies,
we're now operating in a total of 800 million people population,
if you add all our countries' population.
And in all of these countries,
it's massively under-penetrated.
Amazon is only present in three out of our 26 countries.
So e-commerce in most of our countries
is still not well-sold.
All of this to say that we were super excited
and we continue now the journey,
I would say with more independence than before.
¿Is that so?
Yeah, so I would say before,
we had a lot of misaligned investors by nature
because we had some that had invested six years ago
and they were very risk averse.
They only wanted to get out and sell
some other investors that recently invested
and they wanted us to go hard.
So all of this noise and misalignment,
and it's not that I don't like them as investors,
it's just the nature of, I guess,
the stages at which they invested.
But that probably took 70% of my time,
90% of Edu, who was our CFO.
And you want that time to be invested
in the business and in the people.
¿But you have a boss now?
I don't feel like it, no.
I mean, yeah, I do have a boss.
But before, I also had a boss
that was called our board,
which was a much bigger,
it was much worse, it was much,
because they were not aligned.
With Nicholas now, it's super easy.
We talk every day, we're almost like friends,
we have the same ambition, same strategy.
And Delivery Hero,
it's almost hard to believe,
but they have this very unique operating model
where they want to operate
in pretty much everywhere in the world,
by having five or six delivery companies,
each of them being very independent
with their own team and technology and brand.
So if you go to South America,
you will see Pedidosia, for example.
Pedidosia is the big leader in Latin
owned by Delivery Hero.
So it's a very interesting operating model
where maybe they're a little bit more inefficient
because there's some duplications
of what we do and what Pedidosia does and stuff.
But I think they win in entrepreneurship,
because Pedidosia, in Latin,
they still have their own founder and CEO.
It's a very entrepreneurial project,
their own technology.
So maybe a little bit inefficient in headcount,
but I think they win,
they compensated with more entrepreneurs
and also localizing better.
The transaction was defined as a stock exchange,
with Delivery Hero.
And since it was announced till today,
the stock has dropped almost 50%.
So that means the transaction is finally one billion worth.
So the transaction still hasn't happened.
It will happen during this year.
So the price, this 2.3 billion
that came out in the headlines,
it's actually a bit fake
because the transaction still hasn't happened.
And the final price will depend on the price per share
whenever the transaction happens.
Now, yeah, all the stocks for delivery
are very low, like they have all dropped massively.
We're not concerned because we still think
Delivery Hero is outperforming
all the rest of their direct competitors.
And it's more of a macroeconomic thing
that is impacting all the tech stocks,
especially tech stocks in industries
where the profitability is still not super high.
Grows stocks, yeah.
And especially those that were hyped by COVID,
they have been lowered more.
We'll see, we'll see how it changes.
When I ask you about your fundraising process
through all these years,
you're very critical with yourself.
You say, I could have done it better.
And I want to ask you, if you would start now, Global,
how would you do it?
How would you do your fundraising strategy
to grow the company?
Yeah, so just to give some context,
we always say that if we start Global 100 times,
99 times we would fail, we would die.
We have been four times with weeks left of cash,
so very, very there, almost having to shut down.
And fundraising has always been very dramatic for us.
We have raised a lot of money,
but every single round has been super risky.
What I would have done,
so there's one value,
one core value in Global, which is staying humble.
And we strongly believe in humility.
So Sasha and I,
it was one of our first values since day one,
and they're still there.
And internally it's very important,
but I think it plays against you in fundraising.
I think when I compare, you know,
to some other competitors,
maybe they were a bit more aggressive, more bullish.
I don't want to say lying,
but there's a very thin line between exaggerating and lying.
Sasha and I were super humble,
super transparent with the goods and the bads.
And now reflecting back,
I don't think that's the best for...
So you need to lie.
You need to be at the edge of lying,
and you certainly need to be, you know,
think very bullish, yes.
And I think we were not enough.
We were too humble to transferent in all of our fundraising.
But look, I find it hard to believe
that you are always this humble,
always this calm, you look very calm.
When you talk, you look like in peace.
But do you get angry?
I mean, you have so many people,
so many problems you're managing.
Do you ever get angry?
So I think everyone in the world has one superpower.
And when I'm asked what's my superpower,
I think that's it, just staying calm.
So people say it's a very awkward mix,
because on the strategy I'm very crazy
and I take a lot of risks.
And, you know, when I think about someone like Travis Kalanick,
in terms of strategy,
ambition, going, thinking big,
like, this inspires me a lot.
But, yeah, I just like to stay calm a lot.
Yeah, I think it's something that I bring with me.
I do exercise it.
Like, for example, I quit all my social networks,
except for LinkedIn.
Yoga, some yoga.
A little bit of yoga,
but I try to do sport every day,
so I'm quite conscious about it,
and it's, yeah, I don't know,
it's something I'm thankful for, yeah.
Okay, we have a red counter here,
it's alarming, before we finish.
How do you think we can build other globos
from Barcelona?
Do you think there are other globos in the making right now?
Have you met entrepreneur teams
that can have, can build companies
that are billion dollar evaluations?
Yeah.
Companies like global?
Yeah, yeah, for sure.
I think it's a matter of time.
I think Barcelona is amazing at attracting talent,
but it's even better at retaining talent.
En global, we're hiring incredible amount of
international talent that is moving here.
Now, every day, we see more and more senior talent,
so people that are coming with really good experiences
on managing large tech companies,
or working at,
and I still haven't met any expat
that is not happy in Barcelona.
So all of this community will build
super large companies.
Only three years ago, there was only one unicorn in Spain.
Now, I read there's like 12 already.
I'm sure in three years there's going to be 50.
And I think, you know, because I do believe
I've been super lucky.
We build global 100 times, 99, they die.
You keep saying that, but I'm not so sure.
90.
I think same as you.
I think we have a huge role to inspire people.
And well, an evening, of course,
is doing an amazing role here.
But I think there's a social responsibility
in one, investing money as a business angel,
and two, investing time in inspiring
and talking to entrepreneurs.
I tried to do this, I've been doing this for three years.
I would like to do it more,
but I've invested in 15 more or less.
So every week, I meet one entrepreneur
from Barcelona.
And there's a lot of amazing things happening.
Hopefully, I will convince you to give more time
to entrepreneurship together, maybe.
Sure.
All right.
Thank you very much, Oscar.
It's a pleasure, as always.
It's been a pleasure.
Thank you all.