The online craft retail firm Blitsy announced a USD1.01 million in seed investment from institutional investors. The Chicago, IL based company received amounts from the round led by Chicago Ventures as well as the FireStarter Fund, Lakewest Venture Partners and a consortium of angel investors which included Bonobos co-founder Brian Spaly, Apex Venture Capital General Partner Lon Cho and Klout co-founder Binh Tran.
Blitsy had created one of the fastest growing crafting enterprises in the United States with over 100,000 members and shipped 50,000 orders since it launched back in November 25, 2011. The site provides an online platform where craft suppliers can launch promotions at the same time give access to deals to its membership. Another function of the site is to share inspirational project ideas aimed at engaging the whole community.
According Blitsy CEO Ross Petersen, "Blitsy provides a unique way to shop for deals on craft supplie, providing a winning proposition for the companies we support as well as our rapidly growing member-base. Our new investors have collectively built some of the most successful companies in the world and that operational experience will be extremely helpful as we scale our company to meet the demans of this growing USD30 billion market."
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