Squire Patton Boggs Advises Perwyn Growth Capital on US$30 Million Funding Round in Lookiero

Squire Patton Boggs has acted for Perwyn, a family-backed private equity and growth capital investor, on a US$30 million Series C funding round in Lookiero, the online personal shopping service.

The cross-border team advising Perwyn was led by Corporate partners Ben Squires (London), Rafael Alonso (Madrid) and Paul Mann (Leeds), and also included associate Harry Hobson (Leeds) and senior associate Borja Echegoyen (Madrid).

Founded in 2015 by Oier Urrutia, Lookiero combines the expertise of personal shoppers and an understanding of its customers with in-house recommendation algorithms to provide a personalised style experience. Headquartered in Bilbao, the company has rapidly expanded across seven countries, including Spain, the UK, France, Italy, Portugal, Belgium and Luxembourg. Employing a team of more than 400 people, Lookiero has over three million registered users and, in the first half of 2021, the company grew its revenue by over 50%.

Andrew Wynn, Founder and Managing Partner of Perwyn, said, “Lookiero is set for its next phase of international build-out in Germany, Western Europe’s biggest market. In harnessing technological developments and combining them with fresh thinking and a clear business strategy, Oier and his team have demonstrated their skill in creating a business that continuously improves and builds on its effectiveness from both a consumer facing and revenue generating point of view.”

Ben Squires commented: “It was great to work with Andrew, Ravi Sharma, Mark Deed and the rest of the Perwyn deal team on this transaction. Technology-enabled service providers continue to be a focus area for private equity sponsors, as they have been throughout the course of the pandemic. The current environment has led to the faster adoption of new technologies by companies and contactless purchasing, both of which put Lookiero in a strong position for future growth and success.”

The US$30 million Series C funding round was led by Perwyn Growth Capital, with Lookiero’s existing investors MMC Ventures, All Iron Ventures and Bonsai Partners following on in the round.