From Scripps Networks Interactive and WPP, Investment Will Fuel Company’s Growth into Global Markets and Expand its Video and Editorial Content for a New Generation of Women
NEW YORK – Digital lifestyle media company Refinery29 announced $50 million in new funding from Scripps Networks Interactive and WPP, via WPP Ventures. This brings the company’s total funding to $80 million with previous investors including Stripes Group, Floodgate, Lead Edge Capital, First Round Capital, Lerer Ventures and Hearst Corporation.
Both bring decades of experience to the table, having built and funded globally-renowned media brands and developed exceptional lifestyle programming. Their deep insight into the ever-evolving media and advertising landscape will be invaluable in building out Refinery29’s editorial and entertainment teams.
Refinery29 will use this latest round of funding to accelerate its mission to become the global media company for a new generation of women, powering inspirational, smart entertainment and discovery tools and resources across lifestyle categories. The company will 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.
“Media is at an inflection point,” said Philippe von Borries, co-founder and co-CEO of Refinery29. “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.”
Refinery29 has nearly doubled in growth in each of the last three consecutive years and the business is profitable. In the last year, the company has expanded its content from its core style focus to deliver coverage of politics, culture, food and technology that connects with women across all dimensions of their lives.
Scripps Networks Interactive’s Chief Development Officer Joseph NeCastro will join Refinery29’s Board of Directors, along with a representative from WPP Ventures. NeCastro joined the company in 2002 and is focused on leading the company’s continued growth through domestic and international acquisitions, joint ventures, investments and partnerships. With his past experience in broadcast operations, media and finance, NeCastro will act as an important advisor for the Refinery29 team as the company looks to scale into a global media brand for millennial women.
“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 operates at the intersection of content, shopping and social media—all areas of focus for WPP Ventures. We’re delighted to make this investment alongside Scripps,” said Tom Bedecarre, President of WPP Ventures.
“Having Scripps Networks Interactive and WPP Ventures as partners will elevate Refinery29 in building the next global chapter of the business,” said Justin Stefano, co-founder and co-CEO, Refinery29. “Both bring decades of experience to the table, having built and funded globally-renowned media brands and developed exceptional lifestyle programming. Their deep insight into the ever-evolving media and advertising landscape will be invaluable in building out Refinery29’s editorial and entertainment teams.”
Refinery29 has amassed a loyal following of 25 million monthly unique visitors, reaching 1 out of every 4 millennial women (ComScore, March 2015). The company currently employs 250 people with offices in New York and Los Angeles.
Allen & Company LLC served as financial advisor to Refinery29 in connection with this funding.
About Refinery29
Refinery29 is a digital media company for a new generation of women with a loyal following of over 25 million monthly visitors. Through exclusive lifestyle stories, original video programming, and social, shareable content across all platforms, Refinery29 provides its audience with the inspiration and tools to discover and pursue a more independent, stylish, and informed life. Refinery29 has raised $80 million in venture funding to date and is headquartered in New York, NY. Please visit www.refinery29.com to for more information and to browse content.
About Scripps Networks Interactive
Scripps Networks Interactive is one of the leading developers of engaging lifestyle content in the home, food and travel categories for television, the Internet and emerging platforms. The company’s lifestyle media portfolio comprises popular television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country, which collectively reach more than 190 million consumers each month. Companion websites complement on-air programming with video and social media that inform and inspire. The company’s global networks reach millions of consumers across North and South America, Asia, Europe, the Middle East and Africa. Scripps Networks Interactive is headquartered in Knoxville, Tenn. For more information, please visit http://www.scrippsnetworksinteractive.com.
About WPP
WPP is the world’s largest communications services group with billings of US$76 billion and revenues of US$19 billion. Through its operating companies, the Group provides a comprehensive range of advertising and marketing services including advertising & media investment management; data investment management; public relations & public affairs; branding & identity; healthcare communications; direct, digital, promotion & relationship marketing and specialist communications. The company employs over 188,000 people (including associates and investments) in over 3,000 offices across 111 countries. For more information, visit www.wpp.com.
WPP was named Holding Company of the Year at the 2014 Cannes Lions International Festival of Creativity for the fourth year running. WPP was also named, for the fourth consecutive year, the World’s Most Effective Holding Company in the 2015 Effie Effectiveness Index, which recognizes the effectiveness of marketing communications.
via BusinessWire
