Seven years after founding flower and gift retail platform LVLY, founders Hannah Spilva and Verity Tuck have sold the business to Kuala Lumpur-based e-commerce group Limitless for approximately $35 million
As part of the transaction, Spilva will join the new parent’s board to help steer the direction of Limitless as it looks to launch an initial public offering (IPO) soon, and turn Melbourne-based LVLY into “APAC’s most loved and most used flower gift delivery company”.
LVLY, whose founders won the 2021 Melbourne Young Entrepreneur of the Year award for the Retail & Services category and was recently named one of Australia’s Top 50 fastest growing tech companies, is an e-commerce brand that has disrupted the flower industry in Australia.
Spilva and Tuck’s insistence on seven-day, same-day delivery service helped establish LVLY as a customer favourite in the flower and gifting categories in Australia - something the co-founders are now hoping to take global.
“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. Working alongside Limitless we are able to accelerate international expansion opportunities as well as increase market share domestically,” said Spilva, who was named number 59 in the Business News Australia’s Top 100 Young Entrepreneurs list.
“We have found a 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 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 purchase, financed via pre-IPO convertible and venture debt, expands Limitless’ bouquet of direct-to-consumer brands across categories including flowers & gifting (Flower Chimp and Bloomeroo), confectionery (Cake Rush) and fashion (The Modest Brand Co).
Limitless is underpinned by a vertically integrated operating model with same-day logistics and in-house marketing capabilities, built on top of a proprietary tech platform.
Founder and CEO of the new parent, Maximilian Lotz, said LVLY’s “strong financial performance”, brand and team attracted Limitless’ attention.
“From our first meeting, it was clear that the LVLY brand is a fantastic fit in Limitless’ portfolio,” Lotz said.
“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.”
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