LitCapital, an independent growth capital fund focusing on investments in high-growth companies in the Baltic region, has invested in Sena lt UAB (Horizontal Media, or HM).
HM is currently managing a peer-to-peer (P2P) and business-to-customer (B2C) platform for used books in Lithuania and planning to execute an ambitious business plan aimed at growing the business via expansion into new products and services.
HM is currently developing the platform, with close to 130 thousand users. After the initial investment from the entrepreneur – Per Moller, a new strategy to grow through organic development with heavy emphasis on acquisitions was developed. LitCapital investment will be used to implement the plan.
HM intends to supplement the current platform with more sophisticated functionalities for its users and at the same time will expand into other business areas and new products like vertical classified advertisements segments. The fund’s investment will make it possible to strengthen HM financially, improve the quality of customer service and develop functionalities. It is expected that HM revenue in 2023 will reach EUR4 million.
