Balderton leads $7.5m round for LoveCrafts

The fresh capital will enable the business, which currently operates a knitting community, to launch its platform across new crafts – beginning with LoveCrochet in March 2015. It will also fund the development of new social media features and international expansion.

The round brings the total amount invested in the business to $10m, with previous seed capital provided by True Capital and Venrex.

The investment comes shortly after Balderton and Holtzbrinck Ventures led an $8m series-A for another London-based e-commerce start-up, Depop.

Company
Founded in 2012 and headquartered in London, LoveCrafts provides social platforms for craftspeople. The business's first service, LoveKnitting, incorporates a social network with an e-commerce platform.

The business recently acquired US platform Yammarket.com and now has additional operations in Chicago.

People
Daniel Waterhouse is a general partner at Balderton. Edward Griffith, Nigel Whiteoak and Cherry Freeman are co-founders of LoveCrafts.

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• Topics
• UK / Ireland
• Expansion
• Balderton Capital
• United Kingdom