UK-based online crafts community LoveCrafts has raised £16 million funding and made a US acquisition.
The London company has millions of users across 140 countries as COVID-19 has driven up popularity in crafting.
The company saw an increase in orders from new customers of 166% from March to November last year, compared with the same period the year before.
Its platform provides inspiration, commerce and social connections, bringing together designers, brands and makers from across the crafting world to build a thriving community.
The additional funding comes from existing investors including Scottish Equity Partners (SEP), Highland Europe and Balderton Capital, alongside Silicon Valley-based debt providers TriplePoint Capital.
It facilitates the deal for Massachusetts-based WEBS, billed as America’s Yarn Store, an online knitting, crochet and weaving business.
Steve and Kathy Elkins will continue to run WEBS and assume the roles of chief global yarn officers, overseeing the combined needlecraft businesses worldwide.
The investment will also allow for expansion into new craft categories and new geographies to increase LoveCraft’s share of a global market worth over $100 billion.
Sir Peter Bazalgette, chair of the board of LoveCrafts, said: “The integration of WEBS into LoveCrafts is another key landmark for our business as we focus on reinventing traditional crafts for a digital age and becoming the end-to-end destination for crafting enthusiasts across the globe.”