Etsy Raises $40 Million In Series F
Etsy is an online marketplace known for selling handmade and vintage goods. The company has raised $40 million in a Series F round of venture funding from Index Ventures, Accel Partners, and Union Square Ventures. Etsy has raised a total of $51 million.
Etsy CEO Chad Dickerson took the position last July after Rob Kalin, one of the original founders of Etsy, was removed by the board. Dickerson was the company CTO before that. After Etsy took over at the company, Etsy went through several changes. Last year Etsy had the biggest holiday sales in its history.
Dickerson said that the new round of funding was not a move to cover operational costs. Etsy has been profitable since 2009 and has 300 employees around the world. “This summer, Etsy will be a seven-year-old company,” said Dickerson. “But it’s not a mature company from a business perspective. I really feel like there is still a lot of growth for Etsy and its community.”
Etsy plans to hire community managers and open offices in countries where Etsy can grow quickly like Australia and Canada. “There’s a huge opportunity for Etsy to grow the opportunities for sellers,” he added.
Etsy has 875,000 sellers and 15 million users around the world. Every month Etsy receives 40 million unique visitors. Last year Etsy processed $525 million in sales. About one-third of the transactions on Etsy happen with a seller or buyer outside of the U.S.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry