Sheerme Secures E5m For Expansion In Spain And Brazil
SheerME, a Lisbon-based startup specializing in wellness and beauty services, has successfully closed a €5 million seed funding round after six months of negotiations.
The round, led by Lince Capital and supported by Olisipo Way and M4 Ventures, was completed in two parts, as reported by El Referente. The platform, established in 2021 by founders Miguel Alves, Karly Alves, and Shakil Satar, connects beauty, care, and wellness professionals with clients seeking quality services. SheerME offers a diverse portfolio of over 150,000 services including hairdressing, spas, gyms, manicures, and tattoos.
With the new investment, SheerME is set to initiate its international expansion in Brazil and Spain, a move expected to quadruple its revenues this year. The company has also set its sights on entering a fourth market, Canada, in the near future. CEO Miguel Alves highlighted the strategic importance of the Brazilian market, citing its potential, cultural affinity, and supportive investors as key factors in their expansion strategy. The Brazilian operation has already contributed 10% to the company’s total business volume in its first full month.
Alves remains optimistic about the international markets, projecting they will account for over 70% of SheerME’s revenue in the next two years. “For 2023, our ambition is to quadruple our turnover from 2022,” Alves told ECO, expressing confidence in the startup’s growth trajectory.
This funding round marks a significant milestone for SheerME, setting the stage for rapid expansion and increased market presence in key regions.
