LoveCrafts is a London-based leading online crafts community, which lets creative minds find inspiration from leading experts and designers, learn new techniques, connect with like-minded people all over the world and shop craft supplies. Eventually, it is a mix of content, community, and commerce and is a complete ecosystem for makers. Undoubtedly, LoveCrafts is a paradise for craft lovers and you will find needles, patterns, yarn, fabrics, craft books, threats, and hooks all over the site.
Recently, LoveCrafts bagged an additional investment of $22M (nearly £16M) from existing investors including Scottish Equity Partners (SEP), Balderton Capital, and Highland Europe along with TriplePoint Capital, Silicon Valley-based debt provider. The online craft community will use the funds to invest in its next chapter of growth.
Furthermore, LoveCrafts acquired WEBS, America’s Yarn Store. Besides facilitating the acquisition, it will also help the company increase its market share in the global crafts market, which is worth over $100B (nearly £73B).
Acquired WEBS!
For LoveCrafts, the acquisition of Massachusetts-based WEBS, which is the largest online knitting, crochet and weaving business marks a pivotal moment. The investment will let LoveCrafts expand into new craft categories and new geographies. It makes the online craft community a market leader in North America in needlecraft. With the strong tech platform of LoveCraft and talent and industry expertise of WEBS, the company can grow its global customer base rapidly.
Post the acquisition, Steve and Kathy Elkins will continue to run WEBS and assume the roles of Chief Global Yarn Officers handling the combined needlecraft businesses worldwide. It will allow the LoveCrafts team to further develop their content, commerce and community platform for crafts and continue to build their private label offering.
Sir Peter Bazalgette, Chair of the Board of LoveCrafts, said: “The integration of WEBS into LoveCrafts is another key landmark for our business as we focus on reinventing traditional crafts for a digital age and becoming the end to end destination for crafting enthusiasts across the globe.”
Serves users across 140 countries
Established in Nigel Whiteoak, Cherry Freeman, and Edward Griffith, LoveCrafts’ unique platform serves millions of users across 140 countries all over the world. The investment and acquisition come following its exceptional growth as interest for crafts surged globally. The platform witnessed a surge of 166% in orders from new customers in the period between March and November last year as compared to the same period in 2019.
The post London online craft community bags £16M; acquires Massachusetts-based WEBS appeared first on UKTN (UK Tech News).
