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BeachMint Closes $35 Million Round From Accel Partners, Goldman Sachs, New World Ventures, Millenium Technology Value Partners and Existing Investors
Jan 25, 2012 (02:01 PM EST)
SANTA MONICA, Calif., Jan. 25, 2012 /PRNewswire/ -- BeachMint announced today that it has raised $35 million in financing from leading venture capital firm, Accel Partners, Goldman Sachs, New World Ventures, Millenium Technology Value Partners, and NALA. Existing investors participating in the round include NEA, Trinity Ventures and Scale Ventures.
This new funding round, which brings BeachMint's total financing to over $75 million, will be used to further BeachMint's global expansion, to bolster its existing brands, and to launch several new brands planned for 2012.
Former eHarmony CEO Greg Waldorf commented, "BeachMint is a transformational ecommerce company, breaking through the online shopping experience with an innovative technology platform, unique Facebook integration and an incredible team to execute on the vision." Waldorf, currently CEO-in-Residence at Accel, will join BeachMint's Board of Directors.
CEO Josh Berman commented, "It's an amazing time to be a leading social commerce company. With these partners and funding, we'll continue to evolve our technology and expand our brands in order to offer our unique shopping experience in more markets globally and to build out our existing brands." "It's clear from our continued traction that BeachMint is at the forefront of a changing paradigm in ecommerce," added BeachMint President, Diego Berdakin.
Launched in late 2010, BeachMint now boasts four member-only sites; JewelMint.com with actress and fashion icon Kate Bosworth and celebrity stylist Cher Coulter, StyleMint.com with designers Mary-Kate Olsen and Ashley Olsen, BeautyMint.com with Jessica Simpson and celebrity aesthetician Nerida Joy, and ShoeMint.com with style icon Rachel Bilson and stylist Nicole Chavez, in collaboration with shoemaker Steve Madden. BeachMint plans to announce two more celebrity partners in the coming months.
Accel's Sameer Gandhi noted, "We've watched BeachMint's incredible growth over the past year and believe the company is uniquely positioned to continue innovating and evolving the customer experience online. From the exclusive consumer products and shopping sites, to the innovative marketing, content and social media, BeachMint has elevated the space of celebrity curation in order to deliver unparalleled value to customers."
Prior to this funding, BeachMint has raised previous financing rounds led by NEA, Trinity Ventures and Scale Ventures, with participation from Anthem Ventures and Lightbank.
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About the BeachMint Brands