Lookiero, leading online personal shopper service born in Spain has successfully completed a round of financing of €4 million led by All Iron Ventures. After two years of successful activity, the startup wants to increase its penetration in the European market and already pursues this goal thanks to this new injection of capital.
How does Lookiero work
each client can, after filling in an online profile with their sizes, tastes and preferences, receive periodically or occasionally, and comfortably at their own home, a box with five items selected especially for her by her personal shopper. The customer ultimately decides which garments she keeps and which ones she returns (at no cost), making it possible through her feedback that her personal shopper learns about her tastes for future shipments. The client just pays for the garnments she keeps.
Entering UK this same month
The company, to date successfully operating in Spain and France, eyes expansion in Europe. As published on Eastwind last 7th June, next step in the expansion plan is entering the UK, a market that offers a strong penetration of online shopping. According to the agency Mintel, in the latest 12 months a 66% of the British have bought fashion products online.
Lookiero team. © Lookiero
The Spanish online personal shopper is planning to enter other markets as well, so that more European women can have their own personal shopper, a service that, thanks to Lookiero, has ceased to be a luxury.
Not only financing the international expansion
Oier Urrutia, CEO and Founder of Lookiero, says: “this round gives us the necessary resources to carry out our international expansion efficiently and bring thousands of women in Europe our personal shopper service, now also available in the United Kingdom.”
Lookiero already has more than 250,000 registered customers in Spain and France. In 2017, the company multiplied the turnover reached in the previous year by eight. In 2018, the startup keeps on growing steadily and expects three-digit increase in turnover.
With the new financing, Lookiero also aims to continue consolidating its position in France and Spain. The comapny will as well kee on enhncing their website, focusing on offering its users a better browsing, registration, purchase and online assistance experience. . Recently, Lookiero has also carried out a rebranding with which it has renewed and completely Europeanized its brand identity.
All Iron ventures, the main but not the only investor
The financing round was led by All Iron Ventures, investment vehicle in startups promoted by Ander Michelena and Jon Uriarte, founders of Ticketbis (sold to eBay in 2016).
“We have opted for Lookiero and his magnificent team since its inception. Not only do we see great potential in the model itself, but in what Lookiero has achieved and how it has done so far, which are additional reasons to re-double our commitment and commitment,”explains Ander Michelena.
Jon Uriarte and Ander Michelena (Founding partners of All Iron Ventures). © All Iron Ventures
Oier Urrutia pointed out that “All Iron Ventures brings a very valuable internationalization experience that will help Lookiero to face this challenge with guarantees”. In addition, in this round also have taken part again other business angels who have been supporting the company since its founding.”
In the wake of Stitch Six
Lookiero business model follows the the success wake of Stitch Fix, an American company established in San Francisco in 2011. Stitch Fix has obtained financing from renowned investors such as Benchmark, Baseline Ventures or Lightspeed Venture Partners and has reached an income figure above $1Bn in 2017. After this the company went public on the Nasdaq in November 2017 with a valuation of $2Bn.
Image over the headline.- © Lookiero.
Related Eastwind links:
Personal shopper online service Lookiero, to enter UK market