Lick Home, the newly launched "direct-to-consumer home decor brand", has received high profile financial support.
UK-based Lick Home, which sells paints and wallpapers, was co-founded in March 2020 by ex-Airtasker VP International Lucas London and his former-colleague Sam Bradley. The website, positioning itself as a market disrupter, aims to capitalise on the changes in customer behaviour accelerated by lockdown and to provide a "fuss-free approach" to decorating, with premium, eco-friendly products. The compnay offers a one-to-one video consultation service.
The investment round is led by Felix Capital, a digital-lifestyle-focused venture capital firm that has previously backed global digital lifestyle platforms such as Farfetch, Peloton, Gwyneth Paltrow's goop, and Deliveroo. Other investors include Tetra Pak packaging heir Magnus Rausing, and Zoopla founder Alex Chesterman. The capital injection will accelerate the launch of new products and fuel expansion into Europe.
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.
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.
The global paint market, which worth $93 billion, 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.
Speaking of the investment, Lick Home’s co-founder, Lucas London, said: “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, said: “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.”