Refinery29 – the female-centric online-media company – has raised another $50 million in a Series D round of funding from Scripps Networks Interactive and the WPP Ventures arm of giant advertising and marketing holding company WPP, the company announced.
The round, which brings to $80 million the total raised by Refinery29, will be used to expand its video and entertainment programming targeting Millennial generation women, to expand internationally, and to build more connections to mobile and social-media platforms.
“Media is at an inflection point,” said co-CEO Philippe von Borries. “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.”
The company said it had doubled in size each of the past three years and is profitable. It has largely focused on lifestyle programming targeting women, but has expanded its reach into politics, culture, food and technology from a female-centric point of view. The company, with offices in New York and Los Angeles, claims 25 million monthly unique visitors to its site.
As part of the latest funding round, Joseph NeCastro, Scripps’ chief development officer, will join Refinery29’s board, as will an as-yet-unnamed representative from WPP Ventures. Previous investors include Stripes Group, Floodgate, Lead Edge Capital, First Round Capital, Lerer Ventures and Hearst Corporation.
Allen & Company was financial advisor to Refinery29 on the deal.