“Sharing ideas and connecting parents with experts has been central to our mission at Lovevery from the very beginning,” noted Jessica Rolf, Co-founder and CEO, Lovevery. “The Lovevery app is designed to complement our Play Kits subscription by bringing the right child development support to a parent’s fingertips at the right time, without information overload. This launch represents an important step forward. for the growing platform we’ve created, integrating our network of experts, science-backed products and educational resources for parents.”
At launch, The Lovevery App is available on iOS in the App store and serves Play Kits subscribers with children ages 0-12 months. It will continue to expand to include more youthful years, along with other features including e-commerce integration, digital-only subscriptions, and integration with Lovevery’s other parent learning resources.
Today, Lovevery also announced their $100 million Series C financing, which closed June 2021. The tour was led by TCG, with participation from existing investors, the Chan Zuckerberg Initiative, GV (formerly Google Ventures), Reach Capital and SoGal Ventures. The investment will be used to expand further internationally, fuel Lovevery’s growth in digital and continue to develop its content platform for parents, including The Lovevery App and a growing library of online course.
Lovevery’s growth continued this year by expanding its product range by add a fourth year to its award-winning subscription Play Kits program, opened up a strategic retail channel with the successful launch of a range of products exclusive to Target, and took its flagship subscription offer at Europe and the UK in response to strong customer demand. Lovevery also recently introduced a proprietary mobile-centric subscription platform to optimize business operations and better meet the unique needs of its worldwide subscriber base. Today, Lovevery has over 220,000 active subscribers to its flagship Play Kits program and has shipped over one million Play Kits in the past 12 months.
“Very love now generates more than $100 million of ARR per subscription, and our recurring revenue grew more than 100% year-over-year,” noted Roderick Morris, co-founder and president, Lovevery. “We have made strategic decisions that will see our business evolve in a thoughtful way, from the introduction of our own proprietary software platform for subscription management to the launch of the Lovevery app. The investment led by TCG further strengthens our ability to add talent and capabilities in content, technology and other critical functions that support the continued growth and expansion of the business.”
Lovevery has made several key hires in 2021 to support its growth objectives, including:
- Group Vice President of Media and Content, Rory Brown (formerly Viacom, Bleacher Report)
- Vice President of the Technology and Digital Group, Luc Friang (formerly CTIO in Zulily)
- Group VP Quality, Safety and Regulatory Compliance, Bryan Brown (formerly Mattel)
- VP Operations Group, John Tansey (formerly Happy Family Organics)
- Vice President of User Experience and Creative, Melissa Bell (formerly Rent the Runway, Honest)
At the closing of the financing, TCG investor Michaela Venuti also joined the board of Lovevery.
“Since its inception, Lovevery has redefined the parenting category through its innovative approach to product, distribution and content,” noted Michaela Venuti, Vice President, TCG. “With a deep customer focus and thoughtful investment in digital capabilities, Lovevery will strengthen its position as the brand families turn to for parental support. We wholeheartedly believe in Jessica and Rod’s vision to create an iconic brand of early childhood, and we are excited to contribute to the continued growth of the company.”
LoveveryThe preschool learning system supports families with scene-based play essentials for kids and multi-channel content for parents. The company is best known for its award-winning subscription Play kits program. Lovevery was launched in 2017 by co-founders Jessica Rolph and Roderick Morris with the introduction of the company’s first product, The play gym. Today, Lovevery is a Certified B Company™ situated at Boise, Idaho serving more than thirty markets worldwide. To learn more, visit: lovevery.com.
ABOUT THE JCC
Founded by Pierre Chernin, Jesse Jacobs, and Mike Kern, TCG is an investment firm dedicated to building consumer businesses. The TCG team has a proven track record of working with world-class consumer brands in consumer content, commerce and technology, including Headspace, MeatEater, Food52, The Pro’s Closet, Everlywell, Surfline and Barstool Sports .
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