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Thursday, March 28, 2024

Across Legal guides Mangrove´s investment in Buo

Across Legal has advised Mangrove Capital Partners as lead investor on startup Buo´s € 2 million funding round, the app that aims to save customers up to €120 a month through group supermarket shopping

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Mangrove enters the startup Buo together with the founder of Glovo to launch the ‘anti-Quick Commerce’ in Europe. The investor has been advised by Across Legal.

Barcelona startup Buo, born with the mission to revolutionise the retail industry by reducing supermarket costs for consumers, has raised €2 million in a financing round led by Mangrove Capital Partners. The fund, investor in companies such as Wix, Skype or Wallapop, has entered the Catalan company as a minority shareholder alongside Didac Lee, Spanish entrepreneur and business angel, co-founder and managing partner of Galdana Ventures.

The capital increase has also been subscribed by Oscar Pierre, co-founder of Glovo, and Inés Urés, who were already present in the Catalan startup as private investors.

After the financing round, the founding partners of the startup, created in 2021 by Rubén Vilar, Carlos Costa and Borja Solé, continue to control Buo’s capital. Recently, the firm has closed a long-term operational agreement with Glovo that will not only provide logistical synergies, but also strategic knowledge to boost the company’s growth.

Borja Solé, co-founder of Buo, explained that “our goal is to pay more and better to the producers themselves while consumers pay less for the products they need. That’s why we cut out all the unnecessary intermediaries in the production chain and remove the main frictions that online shopping had until now: higher prices, shipping costs and minimum orders,” he added.

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