Klooks
About the Company
K-Looks, established in March 2012 and based in Porto Alegre, Brazil, focuses on converting chaotic financial statements into structured, standardized data. The company utilizes advanced algorithms and human quality assurance to ensure high accuracy. K-Looks primarily serves the financial sector, including banks and insurance companies, offering seamless integration and multi-language support. By 2022, the company achieved $600K in annual revenue with triple-digit growth over three years.
Idea Behind Company
Alexandre Abu-Jamra, while working as an M&A advisor, faced difficulties accessing financial data from private companies. This challenge inspired the idea of K-Looks. He realized the financial industry's widespread need for organized financial data and saw an opportunity to create a more efficient solution. By addressing this significant pain point, K-Looks aimed to simplify data extraction and standardization for private equity firms, banks, and other financial institutions.
Creating the Company
Abu-Jamra partnered with two like-minded individuals to form K-Looks. Their initial tasks included identifying data sources, cataloging PDF files, and extracting financial data in a standardized format. They faced significant technical challenges, particularly with OCR algorithms, and had to develop custom solutions combining automation with human quality assurance. Despite these hurdles, they built a comprehensive, indexed database of financial statements and began seeking clients.
Launching the Business
K-Looks initially struggled to attract clients and secure funding. The team pivoted their target audience from M&A advisors to financial data aggregators, securing their first major client, Capital IQ, after a persistent outreach effort. This partnership marked a turning point, validating their product's relevance and establishing a steady revenue stream. They expanded their offerings to include financial spreading services, significantly contributing to their revenue.
Earnings
K-Looks has maintained profitability and positive cash flow since securing their first large client. The company has experienced consistent 100% year-over-year growth, aiming to sustain this trajectory by expanding its network in the US and EMEA markets. They emphasize the importance of selling before developing new features to ensure demand and reduce risks. Their custom solutions and quality services have helped retain clients and minimize churn rates.
