Vilnius-based startup Watalook has collected €3 million in a seed round led by Danish byFounders and Lithuanian Practica Capital. The round also saw participation from Dutch Crossspring and Lithuanian Motieka Investment Fund as well as some business angels. The startup connects beauty professionals and their clients into a single online platform enabling them to manage bookings of beauty services, process payments and share their experience through mobile application and website. The funding will help Watabook improve its services and strengthen its position in Europe, especially in Scandinavia.
Watalook is a beauty tech startup, designed to empower and help independent beauty professionals grow and manage their beauty businesses more efficiently, build stronger relationships with their clients, and become a voice that matters. Currently, the main markets of Watalook are Lithuania, Great Britain, USA and Norway.
Watalook targets the European beauty industry market reaching more than 100 billion euros. This year, 3 times more orders for beauty services have already been made in the application than in 2021, with a total value of 11 million euros. The number of specialists using the platform in 2022 grew 3 times.
“The 1 million euros 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”, says Klaudijus Ambrožas, one of the founders and manager of Watalook.
According to Watalook co-founder Justas Vitėnas, the nearest plans include a significant expansion of the platform’s financial operations infrastructure, which will allow users to simply and quickly perform various financial actions without leaving the Watalook environment. “We are currently preparing fintech integration for our product, after which the range of financial transactions we offer will expand significantly,” adds Justas Vitėnas.