Growing after the big break: two Catalan examples

BarcelonaWhat happens when a startup is sold? Can a well-known brand continue to grow even after changing hands and becoming part of a larger group? Catalan examples like Glovo, surprisingly bought by the German giant Delivery Hero in January 2022 for almost 1 billion euros, or Wallapop, which in August announced that it was being sold to South Korean giant Naver –which already held a 30% stake– for 377 million euros, laying the groundwork for a smooth transition and emphasizing the importance of maintaining a degree of autonomy.

In a talk at the Tech Spirit entrepreneurship congress, held this Wednesday and Thursday at the Lonja de Mar and organized by Tech Barcelona and the Chamber of Commerce, the founders of Glovo and Wallapop, Sacha Michaud and Rob Cassedy, explained their experience after changing hands. One of them, a veteran in the field, spoke: the Glovo-Delivery Hero deal was finalized more than three years ago, in mid-2022, when the integration was completed. At that time, Glovo needed capital, and Delivery Hero was its majority shareholder. Together, they reached a market of 70 countries with 2.4 billion inhabitants. "It's all been positive," Michaud pointed out, highlighting the fact that "Glovo's autonomy has been largely maintained, as it continues to be headquartered in Barcelona where it employs thousands of people." "Maintaining business autonomy has been key to the integration's success," he concluded. On the other hand, the secondhand goods app, Wallapop, is not as far along. The announcement of its acquisition by Naver was made in August, and it won't be fully completed for a few more months. For this reason, its CEO, Rob Cassedy, indicated that they don't yet have "all the answers," and that some are "confidential" until the sale is finalized, but he is optimistic: "We've been very close to Naver since 2021, when they invested in us, and therefore we knew we would be assured of a successful acquisition." Optimistic Future

Both entrepreneurs are emphatic about their vision for the future: "Yes, you can sell yourself and continue growing, continue scaling, and continue doing good work," they summarized. In fact, regarding the prospects for the coming years, Michaud is optimistic because, he says, Glovo "is practically the only multi-operator in Europe, and intermediary e-commerce is our future." He also says he wouldn't be surprised to see robots or drones delivering packages in a few years, and he mentioned the changing needs of society: "A few years ago, it was fine to receive a package after a week; now, the expectation is to receive it in a maximum of 48 hours." Cassedy is also optimistic, both about the integration into the giant Naver and about the future: "Sustainability is increasingly important; such a model is even necessary," he pointed out. He also expressed great optimism regarding the role of artificial intelligence within the company, and, in fact, both entrepreneurs assert that they cannot imagine a future without AI. "All our engineers use AI to supplement coding," Cassedy affirms. "At Wallapop, it's working very well for us in improving the app's interface, streamlining the process of listing items, etc. Also, for recommendations based on the algorithm, previous purchases, searches, and so on. We see AI as a multiplier for our workforce," he asserted.

Michaud summarizes it similarly: "Every second you can shave off the delivery "It's welcome, and we are indeed faster and more efficient," he points out.