Home and craft do-it-yourself site Brit & Co snags venture funding

Reuters News
Posted: Jun 26, 2013 12:15 AM

SAN FRANCISCO (Reuters) - Brit & Co, operator of a website that focuses on do-it-yourself home and craft projects, raised $6.3 million in a venture funding round led by Oak Investment Partners.

The site taps into a trend of craft-oriented companies, including handmade-product retailer Etsy and online bulletin board Pinterest, that seems to be catching on with millennials - the generation born after 1980.

In an interview, Chief Executive Brit Morin said customization and craft attract consumers who want an alternative to mass-produced products, and who often were little exposed to handcrafted goods as children.

"They missed out on taking home economic classes, if they were even offered" at their high schools, Morin said. As they grow up, "they're entering domestic life without even knowing these things."

Brit & Co said Tina Sharkey, co-founder of website iVillage, would be joining its board, along with Morin and Oak managing partner Fred Harman.

Morin declined to say how many people regularly used Brit, but said more than half accessed its website through their mobile devices. In addition to featuring projects and tips, the company sells Brit Kits - boxes with supplies to help make its creations - starting at $19.99.

Lerer Ventures is also participating in the new funding round, as are existing investors Index Ventures, Cowboy Ventures and Yahoo Chief Executive Marissa Mayer. Two years ago, Brit raised $1.25 million in a seed round.

Morin is married to Dave Morin, a former Facebook executive who is co-founder and chief executive of the social network Path.