Flower delivery service Lvly has been acquired for $35 million by Malaysian e-commerce company Limitless Technology.
As part of the deal, co-founder Hannah Spilva will take a seat on the board of Limitless Technology, while Verity Tuck will leave the business. Together, the duo will receive around $20 million from the acquisition.
Established in 2015, the Melbourne-based startup offers a same-day flower delivery service. The business boomed due to prolonged Covid-related lockdowns in the eastern states, with many people making repeat purchases over a short period of time.
The brand clocked more than $10 million in revenue per quarter last year. “We feel incredibly humbled by what we’ve built with our team since starting our business around the kitchen table,” Spilva told the Australian Financial Review.
Read more at internetretailing.com.au