Lovecrafts nets $20M in round led by Highland Europe, with Balderton Capital’s participation
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.
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 trifector of content, community and commerce. We are delighted to keep working with this dynamic company.”
LoveCrafts provides a home for crafting communities online, combining a global social community with an inspirational digital marketplace against a backdrop of tailored 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
Launched in 2012, Highland Europe operates from offices in London and Geneva and invests in European growth-stage companies addressing large market opportunities in internet, mobile and software. Investments generally range in size from €10M to €30M. Notable investments of the team members include companies such as NewVoiceMedia, TalentSoft, GetYourGuide, Matchesfashion.com, Outfittery, CSR, Mathletics and Moleskine.
Highland Europe is one of the few firms that has an established global platform that enables a valuable collaboration with Highland Capital Partners, the independent global venture capital firm from which it was launched. With three decades of investment experience and partners in offices in Boston, Palo Alto and Shanghai, Highland Capital Partners provides substantial reach and global perspective to Highland Europe and the entrepreneurs that it backs. Prior to 2012, the Highland Europe team invested from various Highland Capital Partners funds in European companies such as VistaPrint, Photobox, Privalia, Spartoo, Wooga, and myOptique.
Balderton Capital is one of the largest venture capital firms in Europe, committed to finding and helping talented entrepreneurs build great companies. Based in London, the firm manages $2.3 billion. Since 2000, Balderton has invested in over 100 companies, principally across Europe. Notable realised investments include NaturalMotion (the mobile gaming developer, sold to Zynga in 2014), Betfair (the online betting exchange, 2010 IPO), LOVEFiLM (the home entertainment subscription service, sold to Amazon in 2011), MySQL (the open-source database software, sold to Sun Microsystems in 2008) and YOOX Group (the online retailer of leading fashion brands, IPO in 2009). The current portfolio includes innovative companies such as Nutmeg, CrowdCube, Lyst, 3D Hubs, Globoforce, Banjo, Prodigy Finance, Credit Benchmark, Kobalt, Openet, Scytl, Talend, The Hut Group, Tictail and WorldStores.
www.balderton.com / www.twitter.com/balderton
Source: Lovecrafts Press Release