The VC investment in the UK is growing faster than it is in the US and China. In 2021, London-based VCs raised $9.9B in new funds to pump into London-based tech companies this year. According to the report, this accounts for 35% of all new European VC funds over the last year.
In this regard, The Untitled Venture, a London-based early-stage VC, has led the €1.1M Seed funding round for the WIZART platform, along with Fores Ventures, Advance Capital, JJ Ventures, and Smart Partnership Capital.
According to Research and Markets, the global market for Interior Design Services estimated at $150.7B in the year 2020, is projected to reach a revised size of $255.4B by 2027, growing at a CAGR of 7.8%.
Capitalising interior design services market
Based out of Gdańsk, WIZART is a B2B SaaS company for online DIY retailers and their customers, that uses Computer Vision/ AR to choose and visualise finishing materials, shorten a transaction cycle and give end-users a unique customer experience.
WIZART says it generates 55% of revenue in the USA and Western Europe, 20% in Eastern Europe, the rest in South America, the Middle and the Far East, Australia.
Further, the company makes over 1M renders for 100,000 unique users worldwide and this figure is growing by 15% per month.
To date, WIZART has partnered with well-known wallpaper manufacturers around the world (AS Creation, Marburg Tapeten, Brewster, York Wallcoverings to name a few).
In terms of the business model, the company charges a one-time set-up fee and a recurring monthly/annual license fee. Notably, the pricing is dynamic and depends upon several factors, including expected online traffic, industry sector, integration, etc.
At present, Wizart is not alone in the AR segment as it competes with the IKEA app and Austria’s Wikitude.
Why The Untitled Ventures invested?
The UK VC focuses on deep tech B2B innovations such as AI, computer vision, robotics, agritech, medtech, and data management. The company has invested in a growing number of technology startups since 2014.
The Untitled Ventures Fund I has now been opened to outside investors for the first time. The fund will invest in East European early growth stage technology companies with proven traction and strong potential for global scalability.
Besides London, the company also has offices in Riga, Latvia, and Luxembourg.
“Our new venture seed fund seeks to select only deeptech projects that are globally oriented and combine original proprietary technologies with specific industry applications in emerging markets and a clear monetization model that allows a startup to earn and create opportunities for a quite measurable increase in efficiency for clients in comparison to their traditional way of doing business,” Oskar Stohowiak, MG at the Untitled Ventures, says.