Craft marketplace LoveCrafts takes funding to $10m with Balderton backing
Latest $7.5m investment is set to continue expansion for UK start-up which looks to support world’s craft communities
LoveCrafts, a start-up which builds social marketplaces for the crafts sector, has secured $7.5m from Balderton Capital to help increase its services for craft communities; taking tits total funding to date to $10m after earlier seed funding from True Capital and Venrex.
Launched in 2012 by serial entrepreneurs Edward Griffith, Nigel Whiteoak and Cherry Freeman, LoveCrafts operates a range of social marketplaces to provide inspiration and supplies for arts and crafts enthusiasts; its first community being LoveKnitting which it claims now has 650,000 monthly active users with 200% annual growth.
More recently the commerce business expanded its reach in the US with the acquisition of Yarnmarket.com and has also launched in Germany.
It now intends to use the capital to fuel new product development, overseas growth and the launch of its new marketplace LoveCrochet which will go live next month with further craft communities planned for later in the year.
LoveCrafts co-founder, Griffith, said of the news:“With this investment we’re able to continue to dedicate ourselves to makers and designers around the world.
“The wonderful success of our first marketplace LoveKnitting has allowed thousands of designers to share their creativity and helped makers in over 80 countries complete their work. We’re excited to bring our social commerce technology to other crafts and continue to serve makers worldwide.”
Daniel Waterhouse, general partner at Balderton and member of the LoveCrafts’ Board, added:
“I’ve a weakness for fast growing, strongly led companies that are addressing a huge market opportunity. Crafts is a $100bn market worldwide and the exceptional LoveCrafts team have a unique and exciting vision.”