Startup Discontract Raised 160k EUR Funds: Will Expand With a First of its Kind B2B Product in Europe
Discontract, the gig marketplace startup, has caught the attention of CoInvest Capital and other private investors who decided to invest in the startup during the “bridge round” of fundraising. 160k EUR was raised for the development of Discontract Business Central in Lithuania and Poland. This is the second relatively large-scale investment into the startup. Throughout the first year of Discontract operations, the company has successfully raised 300k EUR.
A new product-oriented towards companies and their clients
CoInvest capital (“Koinvesticinis fondas II “, financed by the European Regional Development Fund‘s budget) as a „silent“ investor and private investors: Šarūnas Birutis, Benediktas Gylys, and Gvidas Drobužas invested into the startup during the “Bridge round” stage. The new product Discontract Business Central is designed for physical stores, e-commerce stores, Real Estate owners and administrators, insurance providers, and apartment communities.
“The new product for companies and their clients provides the opportunity to order electricity, plumbing, device installation, cleaning, malfunction diagnostic and resolution, guarantee return, and other services conveniently. Our business model is unique not only in Europe but also outside of it”, – says Gediminas Jankus, co-founder and CEO of Discontract.
Innovation allows us to be unique
The product, developed by Discontract provides the opportunity for physical store managers, Real Estate owners and administrators, insurance providers, and apartment community representatives to login into their corporate account on the company‘s webpage and create orders for themselves or their clients.
E-commerce stores also have the opportunity to integrate API – Application Programming Interface – including the service ordering option. This allows clients to bundle purchase the product with the installation service included (which would be provided via Discontract).
The user only needs to click a single button and choose the appropriate time and date. The system immediately automatically assigns the service provider.
Business clients can order various services from the top-rated service providers. The system for business allows the users to observe orders in real-time, while the Discontract customer support division is providing answers to client questions 24/7.
The service for companies is already being used by a lot of business clients, some of which include Topo Centras, Compensa Vienna Insurance Group, Ekoliumenas, Prenta, Valdantis, Naujininkų Ūkis, and others.
The platform is already being used by over 20 thousand users
Discontract has already expanded not only in Lithuania‘s largest cities (Vilnius, Kaunas, and Klaipėda), but also in neighboring Poland – Warsaw.
The platform is designed for quick and convenient home gig ordering through the mobile app and webpage. The platform already has over 18.5 thousand service receivers and 510 service providers. All of the service providers‘ identities are verified, there is a convenient payment and labor time counting system. Furthermore, the provided services are insured for 1million EUR by civil liability insurance.
Discontract, right from the get-go is steadily growing by 16 percent per month. After the quarantine period, when the company developed the product for business clients – the company‘s revenue grew by a whole 35%.