Startup Oscar nets €6 million

 In News, Start-Up, Venture Capital

The technology startup Oscar, which has developed a home services app, plans to widen its activity in Portugal to Braga, Leiria and Aveiro.

The Portuguese company headed by Francisco Formigal Pinto (who is also a fund manager at Lince Capital) offers outsourced maintenance, cleaning, laundry and beauty services at home within a 30-minute home service delivery.

The finance round was led by Lince Capital and Indico Capital and included other VCs such as Failup Ventures, Olisipo Way, Boost Capital Partners, Quiet Capital and the founders of the unicorns Bolt and Wolt.

“The amount raised from this finance round will be used to consolidate the startup’s position in the Iberian market and drive its international expansion to the rest of Europe” according to Stephan Morais, Managing General Partner of Indico Capital Partners.

In Portugal, the company intends to increase its team in areas of leadership and technology. Oscar is already present in Lisbon, Porto, Coimbra, and Setúbal and aims to expand too Aveiro, Braga, and Leiria.

In the Spanish market, Indico points to growth four times as fast in Madrid than in other cities in Portugal, but does not, for now, intend to expand to other cities in Spain.

The app, which offers fixed prices and 150 home maintenance, cleaning, laundry, ironing, blind repairs, and beauty services, among others, already has signed up thousands of clients. So far it is in Sintra, Cascais, Lisbon, Madrid, Porto, Lisbon South Bank, Gaia, Torres Vedras, Mafra, Setúbal, and Vila Franca de Xira.

In the last six months Oscar has tripled its business turnover with €6 million of annual revenues and is one of the undisputed leaders in the home services market in Portugal and Madrid. The home services market is worth an estimated €154Bn per year worldwide.