29 January 2021
We have advised long-standing client LoveCrafts, a leading online crafts community, on raising an additional USD $22m funding from existing investors including Scottish Equity Partners (SEP), Highland Europe and Balderton Capital, alongside Silicon Valley-based debt providers TriplePoint Capital, to facilitate the acquisition of WEBS, America’s Yarn Store and further invest in LoveCrafts’ next chapter.
The investment and acquisition follow exceptional growth by LoveCrafts as interest in crafting surges globally.
Commenting on the deal, Corporate Technology Partner Howard Palmer, said: "This acquisition is a pivotal moment for the LoveCrafts Group as it becomes the market leader in North America in needlecraft. LoveCrafts has a strong tech platform and a global community with millions of users across 140 countries worldwide - we share those values and commitment as a firm."
Edward Griffith, Founder and CEO 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. The highly experienced and commercially-minded team at Taylor Wessing team again guided us through this complex transaction to a successful outcome."
The team was led by Corporate Technology Partner Howard Palmer, with support from Associate Nicola Caton. Additional advice was provided by Banking & Finance Partner Lerika Joubert and Associates Kate Bowden and Anna Dugoni.
The Taylor Wessing team worked in partnership with Wilson Sonsini Goodrich and Rosati (WSGR), whose team was led by partner Mark Holloway.