Lovepop, a maker of 3D pop-up greeting cards that rose to fame after its appearance on Shark Tank, is raising its first new funding in three years.
The Boston-based company indicated in a U.S. Securities and Exchange Commission filing that it had raised just over $5M. The company noted that around $3 million of that total was accounted for by the conversion of outstanding convertible securities and $2 million was new capital investment.
Lovepop wrote in its filing that it intends to raise an additional $10.6 million.
In a statement to BostInno, Lovepop said it would use the new funds primarily to improve its offerings to customers.
“With our new investment, we plan to focus on our core direct-to-consumer experience online at Lovepop.com, our Lovepop owned retail stores, our corporate sales partnerships, and continuing to broaden our product offerings both physical and digital for people who love sending cards,” the company wrote.
Lovepop gained national recognition after first appearing on Shark Tank in 2015. The company secured a deal with Kevin O’Leary for $300,000 for a 15% stake in the company.
Lovepop is one of several Boston startups to appear on Shark Tank. Meet these companies and see how they fared after their TV appearance.
In 2016, Lovepop announced a $6 million Series A round backed by O'Leary, among other investors. Two years later, the company raised $12.5 million from the likes of Wayfair CEO and co-founder Niraj Shah; Crashlytics founder Wayne Chang; DraftKings CEO and co-founder Jason Robins; and Bob White of Bain Capital.
Most recently, in late 2019, Lovepop announced its Series B round of $10 million led by Accomplice Partners and Highland Capital Partners.
In the years since its launch, Lovepop has expanded beyond greeting cards, including selling flower bouquets, stationery and ornaments.
“Lovepop continues to invest in building the consumer destination for cards and gifts that pop. Every product we make helps our customers connect with the people they love and care about, and brings our organization one step closer to achieving our mission of creating one billion magical moments,” the noted in its statement to BostInno.
