Fund manager: Scottish Equity Partners
LoveCrafts is an online digital marketplace and retailer of craft supplies, providing a combination of content and inspiration, commerce and community.
With low online penetration, there were few direct competitors and small offline retailers represented more than half the market and typically did not have the scale, skills, or resources to compete effectively online.
By offering social media interaction alongside customised online content and access to over 200 third-party and private label brands, LoveCrafts could demonstrate a growing, repeatable base of customers spending more each year.
Growth equity from Scottish Equity Partners and others enabled the company to invest further in its core technology platform, expand the sales and marketing functions and launch additional crafts – all of which increased LoveCrafts’ market share.
Growth equity also allowed the company to acquire Massachusetts-based WEBS (America’s Yarn Store), the online knitting, crochet and weaving business, becoming the online market leader in North America in needlecraft. The combination of LoveCrafts’ strong technology platform and global community with WEBS’ talent and industry expertise, positions LoveCrafts strongly to rapidly grow its global customer base.
The company’s future focus will be on reinventing traditional crafts for a digital age and on becoming the end-to-end destination for crafting enthusiasts across the globe.