Aussie gifting startup LVLY acquired for $35 million
Ecommerce flower and gifting brand LVLY has been snapped up by Limitless Technology in a multi-million dollar deal.
LVLY is the perfect fit for the Southeast Asia based company, which has a growing portfolio of purpose-led direct-to-consumer brands across categories including flowers & gifting, confectionery and fashion.
Hannah Spilva, LVLY co-founder and CEO, will join the Limitless board as part of the transaction. She says the acquisition will accelerate their vision to firmly establish LVLY as APAC’s most loved and most used flower and gift delivery company.
“We’ve been through a period of rapid growth in the Australian market but have always had our sights set on becoming a global business,” she explains.
“Working alongside Limitless we are able to accelerate international expansion opportunities as well as increase market share domestically.”
Ranked in the AFR Fast 100, Deloitte Tech Fast 50 and Inside Retail 20 Coolest Retailers, LVLY was founded in 2015 by Hannah Spilva and Verity Tuck. What started as a desire to build a business that would spread more joy in the world quickly grew into a fast-growing ecommerce brand that has disrupted the flower industry in Australia.
Limitless founder and CEO, Maximilian Lotz, says LVLY’s strong financial performance and stand-out brand and team attracted his company’s interest.
“From our first meeting, it was clear that the LVLY brand is a fantastic fit in Limitless’ portfolio,” he enthuses.
“We are thrilled to welcome Hannah as part of our leadership team. We expect LVLY to be highly successful beyond Australia. At the same time, Limitless brands benefit from LVLY’s synergistic operational footprint with market leading same day delivery across Australia.”
Indeed, its market leading 7-day, same-day delivery service and playful branding has helped firmly establish LVLY as a customer favourite in the flower and gifting category.
“We have found a close alignment of purpose and values with the Limitless team. At the heart of our brand lies a strong social and environmental conscience,” adds Spilva.
“We’re guided by three simple principles—to be lovely to people, lovely to Australia and lovely to our planet. Our commitment to supporting local and treading lightly on the planet is underpinned by our Paddock to Posy supply chain working with local growers and wholesalers.”
The acquisition of LVLY is financed via a pre-IPO convertible and venture debt raise and marks an important milestone on Limitless’ growth trajectory.
“Together, the companies form a market leading, vertically integrated brand platform ready for further acquisitions,” says Limitless CFO, Kai Kux.