The popular online crafting marketplace, Etsy just became ridiculously prevalent. Etsy has nearly doubled in IPO, now valued at $3.4 billion. This puts this e-commerce website in the ranks with competitors Amazon and eBay.
The Brooklyn-based company opened their first day of trading on the NASDAQ at $31 per share. Etsy priced its offering that evening, raising $267 million. Approximately $213 million of that money will be returned directly to Etsy. This will leave an open playing field for the company, with great opportunities for expansion. The rest of the money will be returned to the early investors of the craft marketplace.
Etsy made a statement noting that $300,000 of the proceeds will go directly to Esty.org, which is a nonprofit organization dedicated to educating women and other under-represented populations. Facebook said the company is rooted in helping others succeed while encouraging entrepreneurs and creativity.
Etsy hosts a number of self-started companies and entrepreneurs selling various homemade and other craft-type items. The website is diverse in the products available, ranging from furniture to jewelry to soap. They are focus entrepreneurs selling handmade, vintage and supplies within their global marketplace.
During the NASDAQ celebration, Etsy invited sellers from around the world to represent the Etsy Market in New York City’s Time Square. They wanted the world to get a sample of the diversity offered within their marketplace. Each seller represents a different story, making their organization unique.