Scottish Equity Partners has led a £26 million investment into LoveCrafts, which creates online crafts communities and has millions of users worldwide.
LoveCrafts’ existing backers Balderton and Highland Europe also participated in the new round of funding.
LoveCrafts was launched in 2012 by serial entrepreneurs Edward Griffith, Nigel Whiteoak and Cherry Freeman with seed funding from True Capital Partners and Venrex Investment Management. It operates online social marketplaces which provide inspiration and supplies for arts and crafts enthusiasts. Its communities currently include LoveKnitting and LoveCrochet and it has 150 employees.
LoveCrafts, which is based in London, was recently named one of the fastest growing UK and European companies by the FT1000 and The Sunday Times Tech Track 100. It was also recently selected to join Tech City UK’s Future Fifty list of pioneering late-stage technology companies.
The Series C funding will be used to invest in the technology platform and launch more crafting sites.
Stuart Paterson, partner at Scottish Equity Partners (SEP), will join the LoveCrafts board of directors. He said: “Crafting is the world’s largest hobby.
LoveCrafts has built an impressive, scalable digital community-based platform targeting an international market worth $100 billion per annum. It has a large and rapidly growing customer base in the UK and the US and our investment 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.”
Edward Griffith, one of the founders of LoveCrafts, said: “It’s always been our goal to connect makers, designers and creatives across the world in a social and accessible way, and this investment will help us do this in more markets, with greater scale and better tools. We are delighted that SEP, together with our current backers, share our vision for the business and confidence in its future.”