Tattoodo receives $8,5 million (DKK 60 million) to conquer the American Market
The Danish tattoo platform Tattoodo has recently received a sizable investment of $8,5 million (DKK 60 million). The funding comes from Daniel Agger, Christian Stadil and Jimmy Maymann who have all previously invested in the company.
Tattoodo was founded in 2013 by the serial entrepreneurs Mik Thobo-Carlsen and Johan Plenge. The platform covers all aspects of tattoo culture and it even lets users request tattoos. Tattoo artists can compete with designs and the winner gets 70 percent of the price for the competition.
Establishing the brand
Since the beginning, the startup has seen tremendous growth. Today Tattoodo has more than 11.2 million fans on Facebook and 20 million monthly users. They company has also grown to 50 employees with their main office at Islands Brygge in Copenhagen. However, it hasn’t only been smooth sailing for the startup who in 2015 lost more than DKK 10 million.
“We use a lot of money but the last couple of years we have successfully tripled the top line through increased media presence. If we wish to focus on being cash flow positive, we are able to adjust our investments to make it happen,” Says Mik Thobo-Carlsen in an interview with Børsen.
Despite its period of deficit Tattoodo still managed to attract an investment of $2,4 million (DKK 17 million) last February. The sum came from a broad range of private investors and was earmarked for content-creation.
With the new and even larger investment, Tattoodo is ready to expand their presence in the USA. They have already established an office in New York with backup from the American tattoo artist Ami James from the television program Miami Ink.