Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Etsy.
Everyone vintage products, handmade things, crafty goods, etc., but there is always a shortage of such products. Money is not always the key to reach towards the things desired. People need to enter the right place at the right time. This is the only way to find out extraordinary things.
Etsy is such a place which especially focuses on handmade, vintage and craft supplies. These three sections have got some categories within it. Come with me and enjoy the Etsy success story below by knowing exactly how it works!
Etsy - Company Highlights
| Startup Name | Etsy |
|---|---|
| Headquarter | Brooklyn, New York, US |
| Sector | E-commerce |
| Founders | Rob Kalin, Chris Maguire, Jared Tarbell and Haim Schoppik |
| Founded | 18 June 2005 |
| Website | etsy.com |
Etsy - About
Etsy - Startup Story
Etsy - Founders And Team
Etsy - Logo
Etsy - Business Model
Etsy - Revenue Model
Etsy - Funding And Investors
Etsy - Growth
Etsy - Competitors
Etsy - Future Plans
Etsy - About
Etsy is an American e-commerce company that has a wide range of categories. It includes bags, clothing, jewellery, furniture, toys, art, tools. The speciality of the company is that it provides vintage, handmade and crafty supplies to its customers. All vintage items available on the website have got a least age of twenty years. The present CEO of Etsy is Josh Silverman.
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Etsy - Startup Story
In the year 2005, the four founders of the company started Etsy in a Brooklyn apartment. The company started as a virtual storefront for arts and crafts. The actual vision of the four founders was to help the craftsmen sell their goods in an online platform. Rob Kalin, a founder of the company removed himself from the day to day operations. After a lot of struggle, today the company is an artisanal marketplace.
Etsy - Founders And Team
Rob Kalin, Chris Maguire, Jared Tarbell and Haim Schoppik are the Etsy Founders.
- Rob Kalin is one of the Founders of Etsy. He was the CEO of the company from December 2009 to July 2011.
- Chris Maguire was the Co-founder and director of Etsy from December 2004 to August 29th 2008. Now, he is the chairman and CEO of Cypress Equities.
- Jared Tarbell is an entrepreneur. He is the Co-founder of the company Etsy. His CB Rank as a person is 12,310. He completed his education from New Mexico State University in the year 2000.
- Founder of Etsy Haim Schoppik is also an entrepreneur. His CB Rank as a person is 6,707.
Etsy - Logo
Etsy has a simple logo with the words Etsy written in it.
Etsy - Business Model
The Etsy business model is that of an e-commerce marketplace. It enables artists to sell handmade unique products. Handmade products do not interest all. This platform is especially for those few interested and selective people. The business model of the company is almost like eBay or Amazon.
But the difference here is Etsy provides an amazing value to both it's buyers as well as sellers. The business model of Etsy is a vertical one. It only focuses on handmade items. The company has got an android app, website and an iOS app to sell its products.
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Etsy - Revenue Model
The Etsy revenue model is very unique.
Etsy charges sellers to list items on its platform. The fee is very low for listing items. It is $0.20. The money paid is valid for four months. So, it's a big point for the sellers.
Etsy charges a commission fee for every sale. 3.5% is the fixed commission fee. Sellers have got an option of fixing their own desired sale price. But Etsy cuts a commission of 3.5% from the sale price as mentioned above.
Etsy - Funding And Investors
The company has raised a total amount of $97.3 million in funding over nine rounds. The latest funding round took place on May 15, 2017.
| Date | Transaction Name | Money Raised | Lead Investor |
|---|---|---|---|
| May 15, 2017 | Post-IPO Equity | - | - |
| May 22, 2014 | Private Equity | $5.6 million | - |
| May 9, 2012 | Series F | $40 million | Index Ventures |
| August 26, 2010 | Series E | $20 million | Index Ventures |
| January 1, 2008 | Series D | $27 million | Accel |
| July 1, 2007 | Series C | $3.3 million | - |
| January 1, 2007 | Series B | - | - |
| November 1, 2006 | Series A | $1 million | Union Square Ventures |
| June 18, 2005 | Angel Round | $400,000 | - |
Etsy has got 19 investors and TGP is the most recent investor.
Etsy - Growth
The company is trying its best to grow bigger. Etsy announced that they would start advertising on behalf of the sellers. It is also changing many designs to boost sales and show growth to its sellers. In the year 2015, Etsy hit the stock market. Investors were super excited that time by seeing the potential of the platform. The company is willing to provide a fascinating look to an idealistic group of people. They are also trying hard to fulfil the demands of the public market.
Etsy - Competitors
The top competitors of the company are Shopify, Big Cartel, Zibbet and Handmade at Amazon.
- Shopify is a Canadian multinational e-commerce company.
- Big Cartel is an unique online store. It helps people run creative businesses.
- Zibbet is a marketplace. It helps people to know more about artists, entrepreneurs and creativity.
- Handmade at Amazon helps people to shop handcrafted home decor, jewellery, accessories and many more gifts.
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Etsy - Future Plans
The company has got a long term strategy. The goal was, is and will be to bring unique and creative things in the market. They have plans to deliver sustained growth. The company believes that four elements will help them grow their business better - a collection of unique items, first-class discovery, human connections and trusted brands. These four things are very essential for a company. This is applicable not only to Etsy but also applicable in other companies to enlarge their businesses. Chief Financial Officer commented in a meeting that he and his team believes that product improvements have taken place.
Frequently Asked Questions - FAQs
What is Etsy?
Etsy is an online marketplace where anyone can sell handmade products.
Is Etsy Available in India?
Yes, Etsy is available in India.
Is Etsy owned by Amazon?
No, Etsy is an independent company.
Author: Purbalee Dutta
Source : https://startuptalky.com/etsy-success-story/
Date : 2021-03-31T17:05:00.000Z