Digital media company Refinery29 just scored $45 million in a finance found that includes an equity investment from Time Warner’s Turner unit, as well as “additional participation” from Scripps Networks Interactive.
With the deal, Turner has agreed to help develop content for the operation that targets millennial women. They also will work on cross-platform ad sales partnerships as Cartoon Network, Adult Swim and Boomerang GM Christina Miller joins Refinery29’s board.
Turner likes to partner with “brands that have distinct voices and loyal, engaged audiences,” Turner President David Levy says. “Refinery29 certainly fits the bill.”
The digital company says it will use the fresh cash to fuel its video production business, grow internationally and develop “new and innovative products and services for advertising and platform partners looking to inspire and impact women.”
Last year Refinery29 raised $50 million in a Series D round. At the time, Scripps Chief Development Officer Joseph NeCastro joined the board, along with a representative from WPP Ventures.
Since then, the company says, its reach has grown by 226% as it grew internationally, launched thematic channels including Brawlers (sports), Short Cuts (beauty) and RIOT (comedy), and introduced its first podcast and app.
In its May NewFront presentation, Refinery29 unveiled VR29 Studios, a VR and 360 studio within its video department.
Co-founders and co-CEO’s Philippe von Borries and Justin Stefano say today that Turner will help to “expand Refinery29 into new territories, expand and develop our leading voice in video content for women, as well as integrate into some of Turner’s most exciting franchises and platforms.”
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