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Refinery29 will use the funding to expand geographically, and bringing on new content
Digital lifestyle media company Refinery29 raised a new $50 million round of funding, the company has announced. The new funding from Scripps Networks Interactive and WPP, via WPP Ventures.
The New York City-based company was self-funded for the first five years of its existence before raising a seed round of $500,000 from angel investors, including Ramesh Haridas, Mark Mitchell and Jim Yang, in 2010. In July 2011, it raised a $4.5 million round from Floodgate and First Round Capital.
This is the first funding it has raised since a $20 million round in 2013. The new round brings the company's total capital raised to $80 million, and values Refinery29 at $290 million, according to Re/code.
Founded in 2005 by Justin Stefano and Philippe von Borries, Refinery29 is a media company aimed directly at women, with a focus on fashion, beauty and wellness. In the last year, the company has expanded its content from its core style focus to deliver coverage of more diverse topics, including politics, culture, food and technology.
The company says it provides "lifestyle stories, original video programming, and social, shareable content across all platforms."
Refinery29 says it has nearly doubled in growth in each of the last three consecutive years and that the business is profitable. It now has 25 million monthly unique visitors, and reaches 1 out of every 4 millennial women.
The company will use this latest round of funding to expand internationally by launching new markets and building communities abroad, develop its distinguished video and entertainment offerings, and further connect its content and technology platform to the mobile and social web.
In addition to the funding, it was announced that Scripps Networks Interactive’s Chief Development Officer Joseph NeCastro will join the Board of Directors at Refinery29, along with a representative from WPP Ventures.
“Scripps Networks Interactive has built its global business on a deep understanding of the creation of compelling content that appeals to women across multiple geographies and devices,” NeCastro said in a statement.
“Refinery29 is committed to building an influential brand that connects with millennial women across the world, and we’re excited about the prospect of working in partnership with the team as they continue to expand their coverage and reach.”
Refinery28 currently employs 250 people with offices in New York and Los Angeles.
The company is just the latest media company to receive funding recently.
In August of last year, Buzzfeed raised $50 million from Andreessen Horowitz, bringing its total funding to total of $96.3 million. In November, Vox Media raised $46.5 million in a round led by General Atlantic, valuing the company at $380 million.
(Image source: refinery29.com)
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