The European VC (EUVC)
E690 | Sacha Michaud, Glovo: Scaling a Hyper-Competitive Marketplace (and Knowing when to Exit)
The European VC (EUVC)
•February 4, 2026•46 min
0
The European VC (EUVC)•Feb 4, 2026
Why It Matters
Understanding Glovo’s fast‑scale, data‑driven approach offers founders a blueprint for thriving in hyper‑competitive marketplaces and knowing when to cut losses. The episode is timely as on‑demand delivery continues to reshape urban commerce, and Michaud’s lessons on capital efficiency and strategic exits are directly applicable to today’s startup ecosystem.
Key Takeaways
- •Former jockey turned founder emphasizes discipline for startup success.
- •Glovo scaled globally using rapid launch teams and focused playbook.
- •Choosing markets wisely and exiting early saved capital and resources.
- •Multi‑stage investors crucial for continuous fundraising in hyper‑competitive sectors.
- •Strong network effects drive last‑mile delivery dominance.
Pulse Analysis
Sacha Michaud’s unconventional path—from a teenage race‑horse jockey to serial entrepreneur—shapes his relentless discipline. After building Spain’s largest Spanish‑language portal and a stint at Betfair, he spotted Uber’s on‑demand model and co‑founded Glovo with Oscar. The duo turned a simple food‑delivery concept into a multi‑category marketplace, launching the first app version in just two and a half months. Their early focus on speed, execution, and a razor‑sharp user experience laid the foundation for a company that would later operate in dozens of countries.
Glovo’s hyper‑aggressive expansion relied on a repeatable playbook borrowed from Uber’s global roll‑out. Small, autonomous launch teams spent three months per market, securing restaurant partners, building courier logistics, and fine‑tuning the UI before a public launch. This disciplined approach allowed rapid entry into Southern Europe, Latin America, and beyond, while a clear metric—sustained growth—guided exits. When Brazil’s incumbent iFood captured 95% market share and rivals Uber Eats and Rappi flooded capital, Glovo pulled out within months, preserving cash for more promising territories.
The Glovo story also highlights the financing paradox of on‑demand markets. Frequent lead‑investor changes forced the founders to chase fresh capital, underscoring the advantage of multi‑stage investors who can double‑down across rounds. Their experience mirrors the broader cyclical nature of venture funding: periods of blitzscaling give way to profitability focus, only to repeat with new technologies like AI. Network effects proved even more critical in last‑mile delivery, where a dominant platform can lock in restaurants and couriers. For founders, the lesson is clear—prioritize core value, choose battles wisely, and secure investors who can grow with you.
Episode Description
This episode starts with a surprising origin story: before building one of Europe’s most iconic on-demand companies, Sacha Michaud left home at 16 to become a professional racehorse jockey.
From there, we go deep into the operator playbook behind Glovo’s rise: launching fast, expanding internationally with limited capital, choosing battles ruthlessly, and pulling out of markets quickly when the data says the flywheel won’t spin.
This is a conversation about discipline, focus, and survival in one of the most brutal categories in venture—where network effects are real, fundraising can consume the CEO, and consolidation is always lurking.
Less theory. More real-world execution.
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What’s covered:
01:10 From racehorse jockey to startup founder: discipline, sacrifice, and the founder mindset
02:20 How Glovo started: meeting Oscar, shipping in 2.5 months, and rebuilding the MVP later
05:05 International scaling principles: why Europe isn’t enough and why speed mattered
06:25 Fundraising reality: the “lead investor” trap and why multi-stage funds can matter
08:05 Split-scaling and the growth-at-all-costs era: what the ecosystem learned (and didn’t)
10:15 Expansion playbooks: the launch team model and copying what Uber did right
13:25 Competition strategy: when to enter, when to avoid, and why capital constraints shape everything
15:25 Exiting markets fast: Brazil, iFood, and the moment you realize the playbook won’t work
17:35 Network effects in delivery: why the flywheel is more extreme than most marketplaces
19:05 Exclusivity vs multi-homing: how restaurants evolved from “threat” to “channel”
25:55 Emerging markets: Latin America → Eastern Europe → Africa and what changes operationally
33:00 Glovo Cares: why executives still deliver orders and what it teaches the org
34:30 Acquisition mindset: what founders get wrong about selling (and not selling)
43:20 YELLOW VC: building a disciplined pre-seed fund without losing operator sharpness
Show Notes
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