New York based online marketplace for homemade crafts, arts and jewelry, Esty, has filed for its initial public offering. The company will be listed on Nasdaq under the ticker ETSY. The company is planning to raise USD 100 million through this IPO.
The company was founded in 2005 and made USD 196 million in revenues last year but also made a loss of USD 15 million during the same period.
The company is reported to have 1.4 million registered sellers who sell their handmade and vintage crafts through this website. Sellers are the main source of revenue for the company. Sellers have to pay for each item they put up on the site as well as for each sale. They also need to pay extra to promote their item.
Till now Esty has raised a total funding of $97.3 million in 8 rounds from 14 investors.