Craft marketplace LoveCrafts closes $20m Series B
Highland Capital investment takes total funding in "global community of crafters" to $30m following earlier funding from Balderton Capital
LoveCrafts, a craft community and marketplace, has received $20m in a Series B funding round led by Highland Europe with participation from existing investor Balderton Capital.
Launched in 2012 by Edward Griffith, Nigel Whiteoak and Cherry Freeman, LoveCrafts is an e-commerce platform and global community of crafters, providing inspiration, supplies, patterns and social tools through its sites LoveKnitting.com and LoveCrochet.com.
The company claims to have tripled in size year-on-year and now distributes to customers in over 100 countries, with physical operations in North America and Europe.
The investment follows on from a $7.5m round back in February, which alongside an earlier seed round, takes total funding into LoveCrafts to $30m. It will be used to maintain the company’s market presence in the $100bn global craft industry.
Griffith commented: “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 Garrett, general partner of Highland Europe, added:
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“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.”