COBALT advised Practica Capital on investing in a Lithuanian start-up Billo
2021 - 10 - 14
COBALT has advised the venture capital fund Practica Capital which co-invested together with other investors in the Lithuanian start-up Billo. The company has raised €2M in a Seed round of funding led by Practica Capital and Open Circle Capital. A group of established Angel investors have also participated in this round, including Mantas Mikuckas (COO at Vinted), Andrius Baranauskas (Director of Product Development at Shopify), Andrius and Tomas Šlimai (co-founders of Oberlo). To date, the total of Billo’s capital raised is €3M.
Billo, a Lithuanian start-up founded by Tadas Deksnys and Donatas Smailys, helps US e-commerce businesses to create video content for their products quickly and easily. It works as an alternative to the traditional model of cooperation between companies and creative agencies. The platform allows companies to publish tasks to a community of thousands of video creators who get paid for the authentic content they create. Billo video editors can additionally add a logo, design elements, captions. The final video content costs businesses up to 10 times cheaper.
The first successful year proved that the start-up, which exclusively focuses on the US market, has found its niche. Billo’s revenue has grown more than 10x this year, and today it has over 7,000 users.
The company will use its funding to further platform development, accelerate expansion in the US and hiring.
COBALT advised Practica Capital on the structuring of the transaction, drafted transaction documentation, represented the client in negotiations, conducted legal due diligence and advised on other transaction-related matters. COBALT team was comprised of Partners Akvilė Bosaitė and Eva Suduiko.