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Lick Home's Expansion Plans Accelerated By 3million Investment

Lick Paint website.JPG

Lick Home, the direct-to-consumer home decor brand, launched during lockdown, announced today it has raised £3million. The raise will support the brand’s ambitious plans to stir up the dusty interior market and provide a user-friendly experience for the modern consumer.  

The round is led by Felix Capital, a digital-lifestyle focused venture capital firm which has previously backed leading global digital lifestyle platforms such as Farfetch, Peloton, goop and Deliveroo. Having launched the day the UK was put into lockdown and despite the ongoing global pandemic and ensuing economic uncertainties, Lick Home has already had a significant impact on the industry and was able to achieve a fast successful fundraising process. The committed capital reinforces investors’ confidence in the growth of this space, and Lick’s revolutionary proposition. 

With the nation now spending more time at home than ever before, particularly with remote working increasingly prevalent, people have inevitably turned their attention to their interiors. The UK home decor market is growing at a faster rate than other home retail markets, as people look for affordable ways to be uplifted by colour and pattern in their own spaces, using their walls as an outlet for self-expression. This is further supported by recent stamp duty changes in the UK aimed at revitalising the property market, resulting in greater potential spend on home improvements and renovations. As our shopping habits have been forced entirely online for the majority of 2020, Lick Home is looking to capitalise on the evolving behaviours of consumers, who are fed up of clunky offline experiences and instead are searching for a trusted branded platform offering a refined, convenient and personal experience. 

The capital injection will accelerate the launch of new verticals to support Lick Home’s position as a design and decorating destination, fueling their expansion into Europe.  

UK-based Lick Home was co-founded in March 2020 by ex-Airtasker VP International Lucas London and his former-colleague Sam Bradley. Lick Home provides a fuss-free approach to decorating, with premium, eco-friendly products that have been carefully curated by a team of interior experts. One of Lick Home’s most popular brand features is it’s one-to-one video consultation service which is a great example of their ability to adapt and service a modern customer. 

Speaking of the investment, Lick Home’s co-founder, Lucas London says, “Despite  launching only a few months ago, we have ambitious plans that will continue to have an impact on the industry. The fantastic feedback from customers around our innovative products and modern brand positioning tells us that we’re already changing at-home DIY for the better. The support from the great team at Felix Capital will allow us to accelerate our growth, expand our product portfolio and reach new markets, helping us to achieve our goal of completely revolutionising the category. These developments present not only an exciting time for Lick Home, but the category in general.”

Antoine Nussenbaum, co-founder at Felix Capital says, “The home decor universe is a massive lifestyle category where we have been observing significant changes in behaviours, all accelerated by the current Covid situation. Customers are putting much more attention and focus into where they live, and see this process as a way to express their creativity. In addition, globally, we have all had to spend a significant amount more time working and living in our homes in 2020. As such, we are placing much higher expectations when it comes to the experience, keen to reduce all the pain points unsolved by traditional retailers. The same way we take care of our physical or mental health —  making Home our happy place has now become a key wellness focus. With Lick Home, Lucas and Sam have a unique opportunity to build an exciting brand in home decor, much more relevant to today’s consumer behaviour. We are excited to have won the team’s trust and to come on board this journey.” 

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 cases lack a thorough eCommerce experience. Despite millennials’ increasing appetite for DIY options, today 60% of the paint market is purchased and applied by professionals, who are focused not just on aesthetic and quality, but also seeking an easier and enhanced customer service experience.

Source : Lick Home

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10 August 2020

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