With its the latest investment, Virgo Ventures has entered the online marketplace scene, as its new incubation agreement was signed to re-launch Krafty, the previously popular marketplace.
Krafty is a marketplace for domestic design products, which – while using Krafty’s unified brand – can be purchased nationwide online and comfortably, directly from the creators even with credit card payment. Krafty is the online equivalent of popular design fairs. Numerous international examples show that collecting unique products on a marketplace could help boosting creative small businesses, as it is easier for potential customers to meet their needs among these unknown, small brands. Krafty is a dropshipping based but customized marketplace that allows customers to buy from several designers at the same time, with just one checkout. It is also important to emphasize that Krafty provides quality assurance as well: the products may be placed on the website only after preliminary considerations. Although it is a for-profit business, social responsibility is not a negligible aspect neither, as the founders believe that by linking buyers and designers Krafty contributes to the development of domestic creative entrepreneurs and designers, most of whom are woman, just like the founders of Krafty.
The Incubator provides a total of HUF 63 million (capital investment and subsidy) and smart money (business and product development services) to Krafty to re-enter the market.