Melbourne flower delivery startup LVLY has been acquired by Malaysian-based Limitless Technology for around $35 million as the e-commerce group expands its footprint in Australia.
The deal will see co-founders Hannah Spilva and Verity Tuck, who launched the online flowe gifting venture in 2015, pocket around $20 million. Spilva will join the Limitless board, with Tuck heading to the exit.
LVLY was recently named in the Deloitte Tech Fast 50 as well as Inside Retail’s 20 Coolest Retailers.
Limitless, founded in Kuala Lumpur in 2016, launches, scale and acquires direct-to-consumer (D2C) e-brands in the south-east Asia, with a focus on four categories: gifting, cakes & confectionary, health, and fashion. It’s best known for flowerchimp.com and bloomeroo.com.au, as well as CakeRush.
Spilva, LVLY’s CEO, said that after a period of rapid growth in the Australian market, the M&A deal will help her realise their ambition to be a global business.
“Working alongside Limitless we are able to accelerate international expansion opportunities as well as increase market share domestically,” she said.
“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. We’re guided by 3 simple principles – to be lovely to people, lovely to Australia and lovely to our planet.”
Limitless founder and CEO, Maximilian Lotz, said 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. We are thrilled to welcome Hannah as part of our leadership team,” he said
“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.”
Limitless CFO Kai Kux said the acquisition is being 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,” he said.
Venture debt for the deal is being provided by Silicon Valley-based Partners For Growth.