Etsy files for IPO, looks to raise $100 million
Etsy Inc. is going public with the online goods marketplace filing its initial public offering (IPO) documentation with the Securities and Exchange Commission (SEC.)
According to the filing, Etsy is seeking to raise $100 million from its IPO, and the offering is being underwritten by Goldman Sachs, Morgan Stanley, and Allen & Company LLC.
The IPO notes a range of financials for the company, including that they had a $4.9 million net loss on $108.7 million net revenue in 2014, while in 2013 they recorded a $796,000 loss on $78.5 million in net revenue.
The headcount at Etsy comes in at 685 people, and as we reported in January they’re based at their head office in New York City, along with offices in Melbourne (Australia), Dublin, London, Paris, Berlin, Hudson (New York), Toronto and San Francisco.
User numbers are up, with Etsy disclosing that in 2014 it had 54 million members, 1.4 million sellers, and 19.8 million buyers.
Interestingly Etsy cites its competition in the IPO filing as Amazon, eBay, Alibaba, Pottery Barn, and Target.
Founded in 2005, the company focuses on handmade and vintage items, as well as arts and crafts supplies. Items available on the Etsy site include art, photography, clothing, jewelry, edibles, quilts, and toys. Modeled on open air craft fairs, Etsy charges users a flat listing fee of 20 cents per item, and takes a commission of 3.5 percent of all items sold.
Investors include Index Ventures, Union Square Ventures, Accel Partners, Hubert Burda Media and others who have invested $97.3 million into Etsy over eight rounds.
Etsy said it would use the money from the IPO as working capital, as well as investments into marketing to attract new members, further development of localized services and in building enhanced relationships with third-party service providers.
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