We advised Lithuanian venture capital fund Open Circle Capital on investing in community marketing platform Billo. In the seed funding round, the company raised EUR 2 million.
Among other investors in the company in this round was venture capital fund Practica Capital, as well as angel investors who have themselves developed successful startups – Mantas Mikuckas, COO at Vinted; Andrius Šlimas and Tomas Šlimas, founders of Oberlo; Andrius Baranauskas, Product development director at Shopify.
Expects to exceed EUR 3 million turnover and plans to continue to expand in the US
Billo offers an alternative to the traditional model of cooperation between businesses and creative agencies. On the platform, businesses publish tasks to a community of video content creators, who are rewarded for authentic content. For e-commerce businesses, this solution is up to 10 times cheaper than using advertising agencies.
Billo, which has been operating in the US since 2020, has around 10,000 customers and expects to exceed EUR 3 million turnover this year. The new investment will be used for expansion in the US market: increasing its market share, improving the platform and hiring new employees.
Total investment in Billo has reached EUR 3 million. In the pre-seed funding, Billo raised EUR 1 million from Open Circle Capital, 70Ventures and SOSV.
Our services and project team
Our team, consisting of partner Mantas Petkevičius and senior associate Mindaugas Baniulis, advised Open Circle Capital on investment-related matters, including reviewing documents and negotiations.
