What is Love Crafts? Love Crafts Review

About Love Crafts

Love Crafts is an open e-commerce platform, which is a combination of a vertical social platform and an e-commerce platform. It brings together a group of handcraft enthusiasts who not only share and communicate through Love Crafts, but also sell their handmade works on this platform.

Operational Model

Love Crafts builds an online community to inspire craftsmen's creative inspiration, provide sharing channels, and finally complete the transaction loop. It has now established independent community platforms Love Knitting.com and Love Crochet.com specifically for knitting and crocheted crafts.

Profit Model

1. Similar to Etsy, it charges a certain commission from the transaction amount of each handicraft.

2. Sell raw materials to craftsmen. Love Crafts has warehouses in the United States and Europe to store raw materials.

Financing

-In February 2015, LoveCrafts received $7.5 million in Series A funding.

-In November 2015, LoveCrafts, an open platform for handicraft communities, announced that it had received $20 million in Series B funding, led by European venture capital firm Highland Europe. The new round of capital will mainly be used for product development, sales promotion, and expansion into the U.S. and German markets.

-In April 2017, LoveCrafts, a British online handicraft community, completed a £26 million (US$33 million) Series C funding round led by Scottish Equity Partners, with participation from Balderton and Highland Europe.

Development History

-LoveCrafts was founded in 2012 and is headquartered in London.

-In 2014, LoveCrafts set up a supply warehouse in the United States, and the number of employees has grown from 3 in 2012 to 50. There are 33,000 styles of crafts, and users are distributed in 97 countries around the world.

-In 2015, after entering the German market, the number of registered users reached 50,000.

References