Hearth Ventures, a mentor fund for craft and circular economy enterprises, said it has backed an undisclosed seed investment in Seattle-based Shobitam.
“We are proudly 'Weavers First, Customers First' as we drive to our mission to make all people “Look good, Do good and Feel Good!” while delivering exceptional value and world-class experience.
So, we are thrilled by the support of Hearth Ventures which is also very purpose-led and see the huge potential of digital transformation across the handlooms, arts and crafts industry," said Aparna Thyagarajan, Co-Founder of Shobitam.
Founded by Aparna Thyagarajan and Ambika Thyagarajan, Seattle-based Shobitam claims to be a growing direct-to-consumer (D2C) online platform for ethnic fashion, serving in over 30 countries.
"Hearth ventures started less than a year ago with the belief that the handmade industry is a wonderful industry - with the beauty of products, the artistry, the ability to create socio-economic impact. The handmade sector is the second most important job creator after agriculture and provides a connection to our culture and roots.
India is the only country in the world to be blessed with an enormous diversity of artisanal talent and culture, yet has captured only 3% of the global market share," said Co-Founders of Hearth Ventures.
Founded by Vinayak Kamath and Shefali Chhachhi in 2021, Hearth Ventures LLP manages investments in Indian handmade crafts, design and circular economy ventures, currently from a proprietary capital pool.
Hearth Ventures in a statement said it plans to invest through a proprietary capital pool in select hand-made crafts, design and circular economy enterprises with global ambitions and shared values.
