lovecrafts by babeonideas

Want to knit and crochet your way to millions? LoveCrafts, the tech startup idea created just for you

Knitting, crocheting, gone are the days we did those so excited in school, trying to outdo our peers with the best hair packers and scarf designs.

Yes, gone for some of us but not for millions of other knitting and crocheting lovers across the world.

But like back in the day, the urge remains – the show off urge, to let everyone know your design Mercedes is better and bigger than theirs.

And someone noticed and created that showoff space. Lovecrafts.

 

What is LoveCrafts?

LoveCrafts is a social network designed for crafters of knitted work to show off their designs, patterns and products and sell them to users who love them, hence, making it an ecommerce platform as well.

LoveCrafts is a simple tech startup idea with the spark of social and a whole lot of generosity as it gives you back a lot of money too from your creations.

 

Startup: LoveCrafts

Founded: 2010

Founder(s): Cherry Freeman, Nigel Whiteoak, Edward Griffith

 

Founders’ Inspiration

For the love of Crafts?

 

Headquarters: London, England

Vision: To build online communities for crafters. (imagined by us).

Website: http://www.lovecrafts.com

 

The Pitch (The idea in 20 words)

LoveCrafts is a social network and ecommerce platform building communities for creators to share, find inspiration and sell.

 

Industry

Ecommerce, Mobile, Social marketplace

 

Strategy

  • LoveCrafts hosts a mobile social network and ecommerce platform.
  • It presents a unique home and community for creators and lovers of knitted garments to interact, share, sell and buy.
  • The startup offers a unique blend of services to users by offering free to low cost patterns and competitively priced equipments for creators and it is a first mover in this regard.
  • It allows creators make money on the patterns they create by returning the revenue generated from their sales back to them.
  • LoveCrafts launched specific communities; LoveKnitting.com and LoveCrotchet.com to better cater to specific audiences.

 

Revenue Model

Its revenue model consists of sale of yarns and knitting and crocheting supplies.

 

Growth and Market prospects

Millions of people visit the site to download free patterns with about 3 to 5% of these people making pattern related purchases. While the company took off in London, 45% of its users are from the United States.

 

Funding

Lovecrafts is funded by investors;

  • Series A: $7.5 million – February 2015
  • Series B: $20 million – November 2015
  • Series C: $33.27 million – April 2017

Total Funding: $60.7 million

 

Investors

Lovecrafts has successfully raised investment funding from some of the best venture capital institutions in Europe. These investors include;

  • True Capital Partners
  • Venrex Investment Managers
  • Balderton Capital
  • Scottish Equity Partners
  • Highland Europe

 

Future Strategy

The future strategy of LoveCrafts is to launch its new marketplace, Love Crotchet, expand into new categories such as quilts, jewelry, baking and any other viable crafty experience users would love to show off to their friends.

It hopes to increase international growth in terms of user base.

 

Industry Insights

Compared to high end fashion or readymade wears, knitted garments may not seem like a popular market because of the tendency for fashion enthusiasts to consider it a laidback product line.

Contrary to this thinking, it accumulates a $100 billion annual spend, of course people love feeling warm and trendy too as shown by the patronage of Jo-Ann, Hobby Lobby and Michaels and investors have viewed this seemingly quiet space as one to place their bets on.

Also the rise in specialty ecommerce stores and social media is a strong reason, a craft social network platform can be a soft sell.

 

Disrupts

LoveCrafts brings a new touch to ecommerce crafts marketplace with its new additions in community interactions and socializing which other crafts such as Etsy and Craftsy platforms are yet to adopt.

 

Opportunity for Idea Creators

This is an opportunity for idea creators with interests in specialty areas owning big markets to create outstanding businesses.

On the look out to create more value within this industry sector way should be;

  • Creatives
  • Designers
  • Developers
  • And any other crazy head who thinks and can, can make things happen

LoveCrafts is redefining a niche in an innovative but caring way, how caring can you thoughts towards an industry really bring innovations to it?

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