LoveCrafts
| Private | |
| ISIN | 🆔 |
| Industry | Online marketplace |
| Founded 📆 | 2012 |
| Founders 👔 | Edward Griffith, Nigel Whiteoak and Cherry Freeman |
| Headquarters 🏙️ | , London, UK |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | www.lovecrafts.com |
| 📇 Address | |
| 📞 telephone | |
LoveCrafts is the parent company of online marketplaces LoveKnitting and LoveCrochet combining ecommerce and social networking platforms for the global craft community.[1][2] The company's primary revenue is based on the sale of yarns, accessories and patterns.[3] LoveCrafts currently ships products to over 140 countries.[4]
Overview[edit]
LoveCrafts experienced significant growth since its launch in 2012.[5] The company was named one of the fastest-growing start-up companies in the Sunday Times Start-up Track 15 Company list in 2015. In September 2016, LoveCrafts featured as number 3 in The Sunday Times TechTrack 100.[6] The company made the Financial Times 1000 Europe’s Fastest Growing Companies list at number 20 in May 2017.[7]
Initial investment for the company was received by Balderton Capital and Highland Europe.[8] In 2017, the company raised £26 million in funding from Scottish Equity Partners.[9][10]
LoveCrafts generated public interest because of its disruptive business model, taking makers through the entire cycle of their creative project from inspiration and purchasing to the finished product, instead of focusing purely on the digital shopfront like online retailers Hobbycraft, John Lewis and Etsy.[11] The company profiles independent designers as well as popular knitting brands and suppliers, receiving up to 300,000 pattern downloads per month.[12]
While the company primarily operates in London, United Kingdom, the company’s global outreach led to the launch of LoveKnitting Germany in 2015. To facilitate the company’s expansion further offices followed in Kiev and New York. In 2017, LoveCrafts identified the US as its primary market, accounting for 45% of orders, establishing the UK as its second biggest market at 30% of sales.
History[edit]
LoveCrafts is a British born company founded in 2012 by long-standing colleagues Edward Griffith, Nigel Whiteoak and Cherry Freeman who met at university and worked together at the Boston Consulting Group.[13] The trio reunited in 2012 to co-found LoveCrafts Ltd, after Griffith noticed a gap in the online craft market.[14][15]
Charity work[edit]
In August 2017, LoveCrafts launched the Stitch Fur Battersea charity campaign with Battersea Dog and Cats Home. The campaign saw independent designers create a range of knitting and crochet patterns based on the animals at the shelter where 100% of proceeds were given to the charity.[16] A series of ticketed events were held at the famous dog and cats home to coincide with the launch.
LoveCrochet and British television presenter Kirstie Allsopp supported the children’s charity Home-Start for their 2016 Snowflake Appeal, where the public were encouraged to crochet snowflakes to raise funds in support of vulnerable children across the UK.[17]
References[edit]
- ↑ "LoveCrafts, The Crafting Community And Marketplace, Knits Together $20M Series B". TechCrunch. Retrieved 21 November 2017.
- ↑ "LoveCrafts Raises $33M". Pymnts.com. Retrieved 21 November 2017.
- ↑ "How can you help your local online business go global?". BBC News. 20 October 2017. Retrieved 21 November 2017.
- ↑ "Immigration clampdown will hurt UK technology start-ups, warn top entrepreneurs". The Daily Telegraph. 27 October 2015. Retrieved 21 November 2017.
- ↑ "Meet 26 of the hottest UK startups about to become household names". City A.M. 22 February 2017. Retrieved 21 November 2017.
- ↑ "Sunday Times TechTrack 100" (PDF). Sunday Times. 1 February 2016. Retrieved 21 November 2017.
- ↑ "The FT 1000: Europe's fastest-growing companies". Financial Times. Retrieved 21 November 2017.
- ↑ "LoveCrafts Raises £20Million in New Funding". Craft Business Magazine. Retrieved 21 November 2017.
- ↑ "SEP leads £26 million investment in LoveCrafts". Scottish Equity Partners. 25 April 2017. Retrieved 21 November 2017.
- ↑ "LoveCrafts raised £26 million for its online crafting communities". Business Insider. Retrieved 21 November 2017.
- ↑ "LoveCrafts, a social network and marketplace for makers, raises $33M". TechCrunch. Retrieved 21 November 2017.
- ↑ "Crafting a huge opportunity". Hiscox Business. 26 September 2016. Retrieved 21 November 2017.
- ↑ "LoveCrafts sews up £26m funding for expansion". City A.M. 25 April 2017. Retrieved 21 November 2017.
- ↑ "From 'mumpreneur' to 'lipstick entrepreneur', why do we feminise work?". The Guardian. 14 May 2015. Retrieved 21 November 2017.
- ↑ "LoveCrafts Overview". Crunchbase. Retrieved 21 November 2017.
- ↑ "Lovely Patterns for International Cat Day + A Heartwarming Video". LoveKnitting Blog. 8 August 2017. Retrieved 21 November 2017.
- ↑ "Charity Tuesday: Help break a knitting world record AND raise money for Alzheimer's Research". LoveKnitting Blog. 28 February 2017. Retrieved 21 November 2017.
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