LoveCrafts, a London, UK-based startup that operates social marketplaces for the crafts sector, raised $7.5m in funding.
UK-based venture capital firm Balderton Capital made the investment.
The company intends to use the funds to continue to develop the platform, launch its new marketplace LoveCrochet and grow globally.
Co-founded in 2012 by Edward Griffith, Nigel Whiteoak and Cherry Freeman, LoveCrafts operates loveknitting.com, a site to sell everything a knitter needs (yarn, needles, patterns, books, buttons and accessories). It recently acquired Yarnmarket.com in the USA and launched loveknitting.de.
Its new marketplace LoveCrochet is due to be unveiled in April 2015.
The company, which had raised seed funding from True Capital and Venrex, is hiring.