DENVER--(BUSINESS WIRE)--Craftsy, the premier destination for creative enthusiasts to pursue their passions, announced today that it has raised over $50 million in its fourth round of funding, led by Stripes Group. Current investors, which include Foundry Group, Tiger Global, Adams St. Partners, Access Venture Partners and Silicon Valley Bank, also participated in the round, which is earmarked to fund strategic growth.
“Through the combination of our best-in-class learning platform, market-defining brand and highly engaging premium content, Craftsy is changing the paradigm of online learning,” said John Levisay, CEO of Craftsy. “Our mission is to give enthusiasts from around the globe access to the best teachers in the world via a curated, interactive, anytime-anywhere learning platform.”
Craftsy, founded in 2010, has seen meteoric growth driven by enthusiasts seeking inspiration and premium educational content. Currently offering categories ranging from quilting, sewing and knitting to cake decorating, photography and cooking, Craftsy recently surpassed five million registered members from over 180 countries and enjoys a paid class enrollment every 18 seconds. The Craftsy learning platform makes it possible for students of all levels to learn from the best on their own schedules and also gives them the ability to interact with instructors and fellow members.
“Online learning is still in its early innings,” said Dan Marriott, Managing Partner of Stripes Group and Craftsy board member. “Craftsy is producing premium paid content at scale, is adept at digital marketing and customer acquisition and, just as importantly, delivers this high quality video content through a web and mobile platform that far outpaces anything currently in the market for academic, corporate or aspirational learning.”
“We believe that Craftsy is changing the game with their curated online learning experience. The unique features Craftsy has developed around their class content, in addition to their meticulous screening of instructors, are what drive positive learning outcomes, customer satisfaction and repeat purchase behavior,” said Jason Mendelson, partner at Foundry Group and Craftsy board member.
Craftsy is working with several major retailers and consumer packaged goods manufacturers in its current categories. Eric Erwin, EVP & Chief Marketing Officer at Wilton Brands, the world leader in supplies for cake decorating, said, “At Wilton we highly value our partnership with Craftsy as we seek new and relevant ways to connect with consumers and broaden the reach of the Wilton Method of Cake Decorating. Craftsy classes are playing a key role in our marketing and educational strategies.”
Riddi Kline, EVP & Chief Marketing & Merchandising Officer at Jo-Ann Fabric and Craft Stores, agreed: “When people engage with Craftsy’s online educational content, they are inspired to come to Jo-Ann and buy the supplies they need to bring their projects to life.”
Craftsy currently offers over 550 full-length HD courses across 16 categories, and will add over 500 more in the next year. Craftsy’s current categories represent a $100 billion addressable market. In addition to educational content, Craftsy members also enjoy a strong community and a fast-growing marketplace for patterns, supplies and project kits.
Craftsy is the preeminent online destination for passionate makers to learn, create and share. With online classes, popular supplies and indie patterns, over five million creative enthusiasts are taking their skills to new heights. Craftsy’s online classes in quilting, sewing, knitting, cake decorating, drawing, painting, cooking, photography and many more categories combine top-quality content, anytime convenience and the intimacy of an in-person experience with the world’s best instructors. Members of the Craftsy community – whether neighbors or makers across the world – inspire and support each other with ideas, tips and positive feedback along the way. For more information, visit www.craftsy.com.
About Stripes Group
Based in New York City, Stripes Group is a leading growth equity firm that invests in Internet, Digital Media, Software and Branded Consumer Products businesses. Stripes Group partners with founder driven, market-leading companies with proven business models that are generating exceptional growth. For more information on Stripes Group, visit www.stripesgroup.com.