Lovepop is a pop-up greeting card company founded by two friends, Wombi Rose and John Wise. The two met in 2006 while studying marine engineering and reconnected again at Havard business school. In 2014, they pooled together their design and business skills to create a unique line of greeting cards. Currently, Lovepop is worth an estimated $20 million.
In 2015, the duo appeared on season 7 of Shark Tank, seeking to raise $300,000 in exchange for 10%. Their 3-D pop-up cards are designed with intricate layers of paper, carefully crafted to create an origami-like experience. The Sharks were impressed by the creativity and quality of the product. Kevin O’Leary ended up investing $300,000 for a 15% equity stake. Valuing the company at under $3 million back in 2015!
Growth and Expansion
After Shark Tank, annual sales went from $300,000 to $8.7 million. Lovepop has also continued to raise money as they tackle a multi-billion dollar market. In total, they’ve raised a whopping $31.2 million according to Crunchbase.
Their most recent round of funding took place in January 2023, they raised $5 million to fund further growth and are looking to raise an additional $10.6 million. Sharks typically don’t like it when companies keep raising money, as a result most likely Kevin’s equity has been diluted.
The greeting card company readjusted their production line to manufacture face shields during the 2020 pandemic. As of 2023, annual revenue is estimated to be around $40 million. Lovepop has expanded outside of Boston to open up stores in Florida and California.
Attention to Detail and Product Line
Lovepop has managed to create a loyal customer base due to their unique products. Their greeting cards are perfect for all occasions, from birthdays to weddings to Valentine’s Day. They have even expanded their product line to include pop-up ornaments, pop-up bouquets, and pop-up gift boxes.
One of the things that sets Lovepop apart from its competitors is the attention to detail. They use ship-designing software to produce their layered cards, ensuring that each card is perfect. They also have a team of designers who are constantly coming up with new and creative designs that are perfect for any occasion. On Linkedin, the company now has 87-full time employees!
Lovepop’s products are available on their website, in stores, and on Amazon. Their range of cards is much larger and now sell themed cards based on Friends, Disney and Star Wars. They even offer customizable cards for customers who want to create a one-of-a-kind card for their loved ones. The cards typically sell for $13 to $15 which is reasonable.
