Etsy Raises $40 Million and Eyes Expansion into Canada

Posted by Rob Lewis

Etsy, the online marketplace for handmade and vintage goods, announced yesterday that it has raised $40 million from its existing VC investors.

This Series F round is on top of $51 million in funding to date and now pegs the company's value at more than $600 million.

What are they going to do with all that money?

Etsy’s chief executive, Chad Dickerson, told the New York Times that the new financing isn't needed to cover operational costs (they've been profitable since 2009) but rather to expand internationally. 

With 300 employees around the world, Dickerson has the money earmarked to help Etsy expand in other countries.

“This summer, Etsy will be a seven-year-old company,” Dickerson said. “But it’s not a mature company from a business perspective. I really feel like there is still a lot of growth for Etsy and its community.”

Dickerson's plan is to hire community managers and open offices in countries where Etsy thinks it can gain a viable footprint and he has his eye on Canada first.

Image: Four Elements Design

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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



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