Refinery29 has secured a new influx of cash to help grow its network. The digital media company known for creating beauty, lifestyle, and entertainment content aimed at female audiences has raised $50 million through a Series D funding round led by Scripps Networks Interactive and WPP Ventures.
Refinery29’s Series D brings the company’s total funding to $80 million, with past investors including Stripes Group, First Round Capital, Hearst Corporation, and Floodgate. Refinery29 will use the new $50 million to increase its international efforts, expand its content and technology platform for mobile and social, and further develop its digital and video entertainment programming. As part of the funding deal, Scripps’ Chief Development Officer Joseph NeCastro and a WPP representative will join Refinery29’s board of directors.
“Media is at an inflection point,” said Philippe von Borries, co-founder and co-CEO of Refinery29, in a release. “Over the next five years, multi-billion dollar media brands will grow out of the digital core, from which Refinery29 was born and is the leader. We are focused on vastly expanding our media and entertainment brand, creating smart, provocative editorial, video, and social content at the intersection of style, culture, and independence.”
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“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,” said NeCastro. “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.”
Refinery29 claims to be profitable, having doubled its growth each of these last three years. The digital media company employs 250 people in its Los Angeles and New York offices. Recently, Refinery29 hired former Vice Media executive Amy Emmerich as head of the company’s video initiatives.
Refinery29 reached 25 million unique monthly visitors in March 2015, according to data from Comscore.
