Etsy Crafts More Venture Funding

Aug 31, 2010

According to TechCrunch, Etsy, a community website that allows users to buy and sell handmade creations, has raised an extra $20 million in its fifth venture round, led by Index Ventures. This development gives Etsy a premoney valuation of just under $300 million, roughly triple the valuation it received in its last $27 million round in January 2008.

Etsy reportedly started turning a profit early last year, when founder Rob Kalin retook his original position as CEO. Kalin projects revenue this year to be between $30 million and $50 million and expects the company to continue to be profitable.