LoveCrafts, a startup marketplace and community for crafts has announced it securing $20m in Series B round of funding led by Highland Europe along with the participation of existing investor Balderton Capital.
Founded in 2012 by Edward Griffith, Nigel Whiteoak and Cherry Freeman, the startup LoveCrafts is a home for crafting communities online, combining a global social community, offering inspirations, supplies, patterns and social tools through its sites LoveKnitting.com and LoveCrochet.com. In the matter of three years, it has been tripling its size year over year and now has clients in more than 100 countries all over the world. Headquartered in Soho, London, the startup has its operational offices in North America and Europe.
With the current round of funding, it increase the total funding of the LoveCrafts to be $30 million. With the fresh funds, the startup plans to invest in technology and to generate more revenue and plans to maintain the company’s market presence in the $100 billion global craft industry.
Griffith said, ” The renaissance of Britain’s craft industry is in full swing, with so many people picking up knitting needles for the first time, and others returning to the hobby again. We’re very excited to continue to build online homes for this global community of fantastic makers, one craft at a time. The whole team is thrilled to serve this wonderful community, and to continue to provide them with a place for inspiration, sharing, content and all the supplies makers can imagine.”
Laurence Garett, general partner of Highland Europe said, “We think LoveCrafts epitomises next generation commerce, and is operating in a market which is the very definition of social. We are particularly delighted to be working with such an experienced and passionate management team.”
Daniel Waterhouse, General Partner of Balderton Capital added, “LoveCrafts understand what an amazing time it is to be involved in the $100bn craft industry. Where previous generations made items out of necessity, today people are drawn towards craft because they see value in handmade and get satisfaction from the process of creating. The team at LoveCrafts have solved complex technical and supply chain problems to expertly blend the trifector of content, community and commerce. We are delighted to keep working with this dynamic company.”
LoveCrafts is like a home for crafters online, with an interesting business model that looks into every need in the crafting lifecycle. From looking for inspiration, crafters find many independent designs in the marketplace. The marketplace also serves as a platform for the crafters to share their results with the other fellow crafters. On the whole, it serves as a customer-focused e-commerce experience for crafters all over the world.