From their work with purpose-led start-up teams, BurdaPrincipal Investments have made some observations where social purpose provides start-ups with distinctive competitive advantages.
Hubert Burda Media has led the $6.2 million Series B round of funding for the online arts and crafts hub Blitsy. In addition to Burda, existing investors Greycroft Partners, Data Point Capital and Chicago Ventures have decided to provide additional capital for Blitsy. The Chicago-based start-up is the most modern and comprehensive site for crafters looking to buy the supplies they need to turn ideas into finished projects. Blitsy also provides videos and live-streaming content featuring creators from every arts and crafts category.
With the support of its partners, Blitsy aims to spend the next few years growing into one of the world’s leading online retailers in the arts and crafts industry.
“Arts and crafts is an exciting market worldwide, with plenty of untapped potential. With decades of experience in fashion and creativity, Burda is an ideal partner to support Blitsy’s international growth. We were won over by its business model, technology and its experienced and dedicated team.”
Martin Weiss, Managing Director at BurdaPrincipal Investments
“Crafting is part of Burda’s DNA. We are impressed that the creative magazine Burda Style inspires millions of women around the world, and they know our target audience inside and out. We are thrilled to partner with a world-class investor who understands the importance of digital expansion.”
Ross Petersen, CEO and one of Blitsy’s founders
Founded in 2011, Blitsy’s ability to excite its customers has led to impressive revenue growth with a customer repurchase rate approaching 90 percent. Blitsy sells to crafters in more than 70 countries.