Refinery29 grows rapidly; raises 50 million dollars

Refinery29, multi-media fashion and style website, recently raised 50 million dollars from Scripps Network Interactive and WPP Ventures.

The website which focuses on fashion media circulating five major American cities: Los Angeles, San Francisco, New York City, Washington, and Chicago. Overall, the multi-faceted business has secured investments that totals 80 million dollars. Its last investments came in 2013 in October and was 20 million dollars. The business has been established for 10 years, and has only recently gained profitability and growth. According to WWD, Philippe von Borries and Justin Stefano, co-chief executive officers of the site, the growth has become much more rapid in later years. “We’re taking the company more aggressively to the video and entertainment world,” Stefano told WWD.

Refinery29 investments total 80 million dollars

The 24/7 coverage ranges from shopping, celebrities, fashion, wellness, beauty, and more. Articles include pop culture, how-to’s, tips, tools, and more on the aforementioned subject localized to those five American cities. In March, the site was reported with a 136 percent increase in unique visitors over the past year, according to ComScore. The platform currently has over 21 million monthly visitors and 1.9 million email subscribers.

The company currently is run by Stefano and Von Borries. Between its Los Angeles and New York offices, Refinery29 holds over 245 employees. The Los Angeles office opened earlier in April this year. Last year, the company generated approximately 55 to 60 million dollars in revenue. The company’s current value is roughly estimated at 300 million dollars, according to Advertising Age.

The website has plans for future launches in cities outside of the U.S. According to WWD, Refinery29 will launch in the U.K. and Germany making the website a “global lifestyle brand.” “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,” said Von Borries.