A company that creates online crafts communities today revealed its completion of a £26 million funding round led by Scottish Equity Partners (SEP), in what is said to be the largest investment in a venture-funded business in the UK this year.
LoveCrafts, which says it has millions of users across 140 countries, said the funds will be used to further scale its operations and step up the technology allowing users to connect through its platform.
This will include launching further crafting sites and accelerating global growth as it looks to be the digital leader in the global $100 billion crafts market.
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LoveCrafts was founded in 2012 by Cherry Freeman, Nigel Whiteoak and Edward Griffith, and the London-based firm said its 150-strong team continues to see a year-on-year doubling in revenues.
Current investors Balderton and Highland Europe also took part in the funding round. Griffith said the investment will help it progress its aims “in more markets, with greater scale and better tools”.
He added: “We are delighted that SEP, together with our current backers, share our vision for the business, and confidence in its future.”
Stuart Paterson, partner at SEP who is joining the board of LoveCrafts, said the business “has built an impressive, scalable, digital community-based platform”.
Paterson added that the funding round “will enable further expansion across Europe and Australasia, reinforcing the company’s position as the end-to-end destination for crafting enthusiasts across the globe”.