Basic Introduction

LoveCrafts is positioned as a combination of social tools and e-commerce platforms. It is not only an online community that brings together talented craftsmen, but also an open e-commerce platform for completing transactions.

Operational Model

By building an online community, we inspire craftsmen to create, provide sharing channels, and finally complete the transaction cycle. At present, we have established independent community platforms LoveKnitting.com and LoveCrochet.com specifically for knitting and crocheting 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. LoveCrafts has warehouses in the United States and Europe that store raw materials.

Financing

In February 2015 , LoveCrafts received US$ 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 to develop products, promote sales, and expand into the US and German markets.

In April 2017 , the British online handicraft community LoveCrafts completed a £ 26 million (US $ 33 million) Series C financing 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