I am sure most of you know Etsy is the place to buy all things handmade. They really do have an amazing inventory of products. Etsy has grown tremendously over the past three years and is now a company with fifty employees, a community with over 650,000 members, and a marketplace with over 120,000 sellers in 127 different countries. Right now they have 14422 hand made/designed t-shirts for sale in their marketplace.
Etsy just announced they have received a $27 million investment from two existing Etsy investors, Union Square Ventures and Hubert Burda Media, and a new investor Jim Breyer at Accel Partners. This funding will enable Etsy to reach a broader global audience and become a publicly traded company for all things handmade. But Etsy is already successful why do they need funding? Well, not exactly. Etsy is barely breaking even after paying the salaries of their 50 employees. The costs to run Etsy are increasing and in the next two years it is estimated that it will cost $5 million in hosting and hardware to run Etsy! The new funding will also allow Etsy to have more support for different languages and currencies. Etsy also plans to improve various areas of their web site based on customer and seller feedback. Another great direction Etsy is going is to provide their employees receive good salaries and full benefits and they are even considering providing or helping sellers get health insurance as well.
You can read more about future changes about Etsy in the the Etsy blog.