Lovepop, a Boston-based maker of 3D pop-up greeting cards, has raised a $12.5 million Series A financing round after experiencing "explosive growth."
Announced on Wednesday, the company's Series A was led by Highland Capital Partners, with participation from return investors Wayfair CEO and co-founder Niraj Shah, Crashlytics founder Wayne Chang, DraftKings CEO and co-founder Jason Robins, and Bob White of Bain Capital. Bob Davis, general partner at Highland Capital, is joining the company's board of directors.
Lovepop, which made a big splash nationally with its 2015 appearance on ABC's "Shark Tank," said it has seen "explosive growth" in the last two years, with revenue growing 270 percent in the last 12 months. The company recently landed a licensing agreement with HBO to make greeting cards inspired by the hit show "Game of Thrones."
"Lovepop participates in a massive market that has historically seen limited innovation and is poised for disruption."
The company's staff tripled last year, with more than 600 employees now, which includes Lovepop's 15 retail locations. The company recently expanded its leadership team with the hiring of Diane Swint, who was formerly at Vistaprint's parent company Cimpress for eight years, as general manager of its consumer business.
"Lovepop participates in a massive market that has historically seen limited innovation and is poised for disruption," Davis said in a statement. "The team has a broad vision to recreate an industry and with an NPS of 87, it is clear customers love the company and its products."
