Lithuanian beautytech Watalook raises €3M to help manage business in the beauty industry
Vilnius-based beautytech startup Watalook has raised €3 million in a seed round to help independent beauty professionals manage their businesses. The Danish fund byFounders and the Lithuanian fund Practica Capital led the round, ArcticStartup reports.
- Founded in 2015 by Justas Vitenas and Klaudijus Ambrožas, Watalook offers a booking tool where customers can discover and book beauty professionals. Besides, the service enables the professionals to simplify the booking and billing, send automated reminders, and display all the information about their services in one place.
- Currently, Watalook mainly operates in Lithuania, Great Britain, USA, and Norway. It’s target is the European beauty industry market, which reaches more than €100 billion. Already this year, the service generated a total value of €11 million. The number of specialists using the platform grew three times in 2022.
“The €1 million investment received a little more than a year ago was used for the product and team development strategy, as well as for the improvement of the product itself. One of the main goals and challenges was to discover and secure a profitable user conversion system that we could successfully use for more aggressive expansion. In the recent period, this conversion rate exceeded 60%, which illustrates the systematic work of the team and the potential, and market demand of the product developed by Watalook”Klaudijus Ambrožas, co-founder of Watalook, comments.
- The seed round was led by byFounders and Practica Capital. byFounders is an early-stage venture fund supporting the next generation of globally ambitious founders. Practica Capital is a dedicated Baltic VC fund. Its recent investments include the Estonian startup Montonio. Crossspring and Motieka Investment Fund, as well as some business angels, also participated in the round.
- The fresh funds will help Watalook improve its services and strengthen its position in Europe, especially in Scandinavia.