True realises 10x return on LoveCrafts

True has realised a 10x return on the first investment the firm ever made, in crafting community platform LoveCrafts.

True realises 10x return on LoveCrafts

News / 28 Apr 2016

True’s investment in LoveCrafts was the first investment made by the firm following its launch in 2013 and prior to the closing of its first buyout fund in 2015. The exit realises a return of 93% IRR and a 10.1x cash on cash return.

LoveCrafts has grown significantly since True made the investment and the exit was concluded as part of a new $33m funding round for LoveCrafts that will allow the company to continue to execute on its vision to be a digital leader in the $100 billion global crafts market.

Paul Cocker, Partner and co-founder of True

“The founders of LoveCrafts have developed exactly the type of business model which fits with our strategy of investing in companies that represent the future of the retail and consumer industry. This has proven to be a very strong investment and realising such a strong exit is another example of the rapid progress the firm has made over the last 3 years. I am sure that the team at LoveCrafts will go on to build a significant global business and we wish them every success for the future.”

Edward Griffith, CEO of LoveCrafts:

“We are thankful for the support that True Capital has provided the company over the last 3 years and we look forward to maintaining what has become a close relationship as both of our businesses continue to scale over the coming years.”