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Alex Chesterman returns to property with latest start-up investment

Zoopla founder has led latest funding round of £50 million for DIY and refurbishment platform Lick.

chesterman

Zoopla founder Alex Chesterman just can’t get enough of property, it would seem.

The 50-old entrepreneur and serial start-up backer, who is estimated to be worth £750 million, has made a further investment in DIY and interiors platform Lick.

This follows a recent £350 million fund-raising round for Cazoo, Chesterman’s car sales firm, valuing the company at £2 billion and making it the fastest UK tech start-up to reach ‘unicorn’ status.

Lick was launched just before the Covid lockdown began last year by entrepreneurs Lucas London, 35, and Sam Bradley, 30 with backing from packaging billionaire Magnus Rausing and Chesterman.

DIY surge

The company has capitalised on the surge in DIY and home refurbishments that have swept the nation during Covid and helped drive 165,000 orders to Lick. It sells paint, wallpaper and blinds direct to consumers.

This success has persuaded its founders to seek further funding to expand the business and the duo have now successfully raised a further £50 million, led by Chesterman and Rausing.

lucas london chesterman“It’s been a fascinating time to launch,” London tells The Times. “There have been some really strong tailwinds for the business as the focus has moved so much on to the home with remote working. We’re going to enter a golden era for home decor.”

Lick plans to expand in Europe next year and is considering a move into the US.

Although Chesterman has done well from his financial backing of Love Film, Zoopla and Cazoo, not everything he touches turns to gold.

A home petrol and diesel firm he backed called Zebra Fuel burned through its investment cash and, after burning brightly, was eventually snuffed out in 2019.

June 7, 2021

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