Walless has advised LitCapital on its investment in the peer-to-peer sharing platform Sena.lt (Horizontal Media).
"Following the implementation of the business development plan, Horizontal Media is expected to significantly extend the functionality of the existing platform and expand into other business areas and new products such as classified ad segments," a Walless press release stated. "The fund’s investment will allow Horizontal Media to strengthen its financial position, improve the quality of customer service and develop the functionality of its platforms. Horizontal Media is expected to generate sales of EUR 4 million in 2023."
Founded in 2010, LitCapital is a growth capital fund focusing on investments in companies in the Baltic region.
Horizontal Media manages a platform for second-hand books where registered users can post ads for the used books they wish to sell, trade, or give away.
"The changing market trends and increasing focus on the circular economy mean that more products will enjoy a second even third, fourth, or more life as people become more used to buying used products instead of new ones," Horizontal Media CEO Per Moller commented. "Various online platforms that are ready to help people on this pathway are on the course to reap significant benefits. There are additional complementary business segments where we are going to expand."
The Walless team included Managing Partner Dovile Burgiene, Associate Partner Arturas Grimaila, and Junior Associate Auste Lideikyte.
