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.
“The Limitless team really understand the D2C space, they appreciate the importance of brand and they have ambitious growth plans,” she said.
Maximilian Lotz, founder and CEO of Limitless Technology described Lvly as a ‘fantastic fit’ for the company’s portfolio.
“We expect Lvly to be highly successful beyond Australia. At the same time, Limitless brands benefit from Lvly’s synergistic operational footprint with market-leading same-day delivery across Australia.”
Limitless Technology is known for launching several e-commerce businesses in Southeast Asia, including Flower Chimp, CakeRush, and Bloomeroo.