Barcelona-based Picker, an app where users can discover and buy products recommended by their favourite influencers, friends or the community, announced that it has raised an extension of €2.1M in its Seed round funding.
In October 2020, the company raised an initial €1.3M in funding from btov Partners. It has now added another €2.1M to successfully close its Seed round with a total of €3.4M.
Investors and capital utilisation
The round was led by US-based Luxor Capital. Existing European venture capital firm btov Partners and business angels like Andreas Mihalovits also reinvested as part of the Seed round extension.
The proceeds from this round will help the startup to further develop its product, grow its team, and expand into new international markets.
With the company’s founding team’s strong background in e-commerce and content creation, Picker’s goal is to develop into a full marketplace that has an edge over existing social media platforms by focusing on buying better instead of content consumption.
Enric Gabarro, co-founder & CEO, Picker, says, “With this new financing, we are doubling down on our mission to enable people to ‘buy better together’ instead of simply buying more stuff online. We are extremely grateful for the support we received from our existing investors in 2020 and proud to recently have closed new financing from them and one of the leading venture capital firms in the US.”
“Our goal is to use the funding to hire exceptional talents that will help us to accelerate our growth in the markets we are already active in as well as new ones that we plan to enter,” adds Gabarro.
Discover the favourite products by people you know
Founded in 2018 by Daniel Ramos, Conan Moriarty, and Enric Gabarró, Picker offers a curated marketplace that enables users to discover and buy products based on the recommendations of their favourite creators, friends, or the wider Picker community.
The startup’s app is currently live in Spain, Germany, Austria, and Switzerland.
Picker aims to help people “buy better together” by enabling them to discover and shop the best products online that are already being used by their friends, family, and favourite influencers. Moreover, creators also get a small commission every time someone buys a product they have recommended.
Currently, Picker has onboarded more than 3,500 creators on the platform and has agreements with more than 2,500 brands. In September 2021, the app witnessed a growth of 850,000 monthly active users. Since its inception, the company has also grown year-over-year in gross merchandise volume (GMV).
In 2021, Picker expects to generate €9.1M (260 per cent YoY growth) for brands and shops whose products get bought after recommendations on Picker.
