LoveCrafts Raises £20Million in New Funding
By Melissa Hyland 18 Nov 2015
London-based LoveCrafts, a crafting community and marketplace, has announced $20 million in new funding.
LoveCrafts was recently named as one of the fastest-growing start-up companies in the Sunday Times Start-up Track 15 Company list. 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 was founded by long standing colleagues Edward Griffith, Nigel Whiteoak and Cherry Freeman. It 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 life cycle. 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.
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.”
Laurence Garrett, general partner of Highland Europe, added: “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 echoed the LoveCraft team’s excitement: “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 trifecta of content, community and commerce. We are delighted to keep working with this dynamic company.”