Refinery29 Raises Series C Round to Continue Growth as Global Media and Technology Brand
$20 Million Growth Equity Round Led Exclusively by Stripes Group
NEW YORK, October 16, 2013-- Refinery29 announced today it has raised $20 million in a Series C round of funding from Stripes Group, bringing its total funding since inception to $30.40 million. Prior to this round, the company raised $5.6 million in a Series B in January 2013 from Floodgate, Lead Edge Capital, First Round Capital, Lerer Ventures and Hearst Corporation.
Refinery29, which launched in 2005 as a local fashion discovery site for the best independent boutiques, products, and brands, has since grown into a vibrant media brand producing 24/7 original content as well as providing marketers with reach and relevance to millions of millennial women.
“Refinery29 is 100% focused on engaging our audience in a very meaningful way,” said Philippe von Borries, co-founder and co-CEO, Refinery29. “With Stripes Group, we saw a partner who deeply shared our vision for a next generation media brand and brings a wealth of knowledge in scaling digital consumer companies."
Building on its formula to set the standard for premium digital lifestyle content, Refinery29 will expand its programming initiatives substantially into video, and across new categories—including beauty, wellness/health, entertainment and home. It will further focus on growing a community of contributors, editors and celebrities to engage users across an array of touch-points and provide a vital platform for brands to connect with their customers. The company will also be making a major investment in technology, including a significant commitment to personalization, a new mobile web and app experience, as well as enhanced shopping, tools, and features.
"Refinery29 has always been digital-first," said Justin Stefano, co-founder and co-CEO, Refinery29. "By creating personal connections with our audience across their most passionate interests and applying data and technology to serve our brand partners as much as our users, we're architecting this generation's most formidable media brand."
Dan Marriott, managing partner of Stripes Group, will join Refinery29’s board of directors. Mr. Marriott brings his extensive digital experience in strategic planning, advising and operating roles within IAC/InterActiveCorp, and has played an instrumental role in advising numerous market leading brands and companies across the consumer, media, travel and retail technology spaces.
“We have admired the Refinery29 team and story for more than a few years. When the opportunity to partner with the Refinery29 team presented itself, we couldn’t have been more excited,” said Dan Marriott. “Refinery29 is built for this generation – this is an authentic brand truly poised for greatness. The site’s audience craves and connects with its content in a way that’s most meaningful for brands, leading users from an editorial experience to a shoppable one. We are looking forward to scaling its mobile and shopping platform, and continuing to build out its unique content lab to offer millennial women exactly what they’re looking for.”
Refinery29 currently reaches 11 million people a month and has 120 employees globally.
Refinery29, the largest independent fashion and style website in the United States and the fastest growing media company on the 2013 Inc. 500 list, delivers nonstop inspiration to live a more stylish and creative life. In addition to its global and local newsletter editions and 24/7 original editorial content, Refinery29 connects readers with content, commerce, and community, giving them all the tips, tricks, and tools they need to live a more beautiful life – and share it with the world. For more information and to browse content, visit www.Refinery29.com.
ABOUT STRIPES GROUP
Stripes Group is a leading growth equity firm that makes minority and majority equity investments in B2B/B2C Internet, Digital Media, SaaS, Software, Healthcare IT, and Branded Consumer Products businesses. The firm seeks to partner with founder driven, profitable, market-leading companies with proven business models that are generating exceptional growth. For more information on Stripes Group, please visit http://www.stripesgroup.com.
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