We are investing in LICK
We look at every opportunity through a simple lens: we are obsessed by founders building new digital-enabled branded propositions, pioneering cultural shifts and shifts in consumer behaviours on a global scale.
We love creative founding teams able to find new authentic ways to build and foster their communities.
We’re passionate about exploring shifts in the way we eat (Allplants, Mindful Chef,.. ), the way we consume (Patch Plants, FY..) , the way we invest (Freetrade), the way we commute (JustPark)… all the way to how we make our home, Home.
With that, I am pleased to announce our investment in https://www.lickhome.com, a made to order paint ecommerce brand.
Launched in March 2020, LICK is building a modern premium brand based on curated products, an easy and high-quality ordering journey, and an extremely high-touch customer service experience, all while disrupting the supply chain through drop shipping.
The home décor market is extremely large, yet one with historically very little innovation. The global paint and wallpaper market alone is worth $93bn.
The global paint market is dominated by incumbents, with the top 5 global paint brands owning 50% of market share.
The UK is home to many heritage and local brands, many of which have distribution through retailers and stockists, but lack a consumer-facing buying experience, and in many case lack a thorough eCommerce experience. The profitability in the sector is very high, with EBITDA Margins in the range between 20% and 30%.
Covid accelerated millennials’ increasing appetite for DIY options, with 400% increase in online searches for paint in the UK in the last 12 months (Pre-Covid just 4% of the paint was bought online).
LICK is premium paint brand (more durable and easier to clean than the other players in the market), but thanks to its online proposition is 20-25% cheaper than the other premium brands in the market.
The company is on a journey to overhaul the home décor experience for consumers and professionals alike. LICK product line has been launched with consumers’ needs and interests at the center, providing a curated selection of paint colours, all of which are professional-grade and sustainably manufactured.