LoveCrafts announces $20M in new funding
Craft community and marketplace, LoveCrafts attracts $20M in funding led by Highland Europe.
LoveCrafts, recently named as one of the fastest-growing start-up companies in the Sunday Times Start-up Track 15 Company list, has announced $20m in new funding. The investment was led by Highland Europe, with participation from existing investor Balderton Capital.
Addressing the $100bn craft industry, LoveCrafts is at the centre of the crafting community, with its sites LoveKnitting.com and LoveCrochet.com attracting millions of visitors every month. The company has experienced phenomenal growth, tripling each year and now distributes to customers in over 100 countries worldwide. LoveCrafts has physical operations in North America and Europe, and sites in English and German languages. In customer reviews LoveCrafts has outstanding levels of customer satisfaction.
LoveCrafts builds homes for crafters online, with a disruptive business model that addresses every need in the crafting lifecycle. Starting with inspiration, crafters can discover tens of thousands of independent designs in the pattern marketplace. Once they finish a project, they can use proprietary social tools to share and celebrate the results with a passionate global community of fellow makers. Underpinning the entire journey is a customer-focused e-commerce experience where crafters can purchase supplies at any point from the biggest and best range of products available, anywhere.
LoveCrafts was founded by long standing colleagues Edward Griffith, Nigel Whiteoak and Cherry Freeman.
When commenting on the Series B funding, LoveCrafts Founder Edward Griffith said of the news: “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.”
‘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,” Laurence Garrett General Partner of Highland Europe, added.
LoveCrafts provides a home for crafting communities online, combining a global social community with an inspirational digital marketplace against a backdrop oftailored e-commerce through the sites LoveKnitting.com and LoveCrochet.com. Headquartered in Soho in the heart of London, LoveCrafts also has physical operations in North America and Europe and both English- and German-language sites. LoveCrafts is backed by Highland Europe, Balderton Capital, Venrex Investment Management and True Capita. Investors visit www.LoveCrafts.com for additional information.
About Highland Europe
Highland Europe invests in expansion stage internet, mobile and software companies demonstrating rapid growth and addressing large market opportunities. Our capital enables management teams to accelerate growth and build lasting, valuable businesses. Highland Europe closely collaborates with Highland Capital Partners, a global venture capital firm with a twenty-seven year investment experience and offices in Boston, Palo Alto and Shanghai. For more information, visit www.highlandeurope.com.