LoveCrafts raises $22m and makes US acquisition
- Date Published
LoveCrafts, the leading online crafts community backed by SEP, has acquired WEBS, America’s Yarn Store.
The company secured an additional $22m of funding from its existing investors alongside Silicon Valley-based debt providers TriplePoint Capital, to facilitate the deal and support the company’s growth plans.
LoveCrafts has millions of users across 140 countries worldwide and the company saw an increase in orders from new customers of 166% from March to November last year (compared with the same period the year before) as interest in crafting surged globally.
The acquisition of Massachusetts based WEBS, the online knitting, crochet and weaving business, is a pivotal moment for the LoveCrafts Group as it becomes the market leader in North America in needlecraft. Combining LoveCrafts’ strong tech platform and global community with WEBS’ talent and industry expertise, positions the company to rapidly grow its global customer base. The further investment also allows for expansion into new craft categories and new geographies to increase LoveCraft’s share of a global market worth over $100 billion.
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.”