Etsy to Acquire Grand St., a Marketplace for Indie Electronics
Posted on April 24, 2014Etsy has announced plans to acquire Grand St., a marketplace for products from indie hardware makers. The deal enables Etsy to make a stronger move into electronics and it makes Grand St. part of larger entity. In a post, Etsy says the team behind Grand St., including the co-founders Amanda Peyton, Joe Lallouz and Aaron Henshaw, will join Etsy.
Etsy calls Grand St. a "curated marketplace" which will fit well with Etsy. They says, "As we've seen here at Etsy, shoppers are increasingly interested in unique and innovative goods, especially when they know and can be involved in the story behind the product. At the same time, it's becoming easier than ever for independent makers and designers to bring ideas to market and find a global audience. Grand St. gets this - that's why we're such a good fit."
Grand St. also blogged about the deal. They say they plan to change very little about the site. Grand St. says, "While this is a big step for us as a company, we plan to change very little about the site and your experience of Grand St. in the near term. We exist to bring you the best in indie electronics from designers and makers all over the world, and we'll continue to do that at grandst.com."
Fortune reports that Grand St. was positioning itself as the "Etsy for electronics." Etsy already sells hardware and electronics, but is more known for crafts, fashion, jewelry and home goods. Re/code reports that Etsy paid under $10 million for Grand St.