Social Commerce Company, BeachMint, Secures $23.5M in Funding Round Led by Scale Venture Partners and Lightbank
SANTA MONICA, Calif., June 17, 2011 /PRNewswire/ -- BeachMint has secured a $23.5 million round of funding led by Scale Venture Partners and Lightbank, the technology investment fund started by Eric Lefkofsky and Brad Keywell, cofounders of Groupon. Existing investors, New Enterprise Associates, Trinity Ventures, and Anthem Ventures also participated in the round. The new funding will be used to grow the existing brands, JewelMint and StyleMint (launching July 1), to accelerate the company's phenomenal growth and to expand into new categories.
Scale Venture Partners' investment is led by Managing Director, Sharon Wienbar, who will be joining the company's Board of Directors. "Consumer e-commerce is being transformed by social networking and curation," said Wienbar. "BeachMint is redefining online shopping by taking advantage of these trends to deliver great consumer value. We are excited by the amazing traction BeachMint has achieved in a short time with JewelMint."
BeachMint's rapid growth and unique business model was recognized immediately by Lightbank's Partners Eric Lefkofsky, Brad Keywell and Paul Lee. Lee commented, "we saw a unique opportunity within BeachMint to dominate this innovative form of commerce. The growth is explosive and intriguingly familiar." Lightbank will also obtain an Observer seat on the BeachMint Board.
This coming October will mark the one year anniversary of BeachMint's exclusive jewelry site, JewelMint - the company's first brand launched with style icon, Kate Bosworth, and celebrity stylist, Cher Coulter. In just a few weeks, BeachMint is set to launch its next brand, StyleMint, an apparel line, helmed by iconic designers, Mary-Kate and Ashley Olsen. BeachMint plans to launch two additional verticals by the end of 2011, with plans to expand in 2012.
Founded by MySpace Co-Founder, Josh Berman, and serial tech entrepreneur, Diego Berdakin, BeachMint will continue to innovate and re-imagine shopping combining exclusive products, social media, celebrity curation and proprietary technology.
Founded by serial tech entrepreneurs, Josh Berman (MySpace) and Diego Berdakin, BeachMint is an institutionally backed social commerce company for celebrity–curated direct-to-consumer products.
Scale Venture Partners
Based in Foster City, California, the ScaleVP team is a long-standing partnership with a consistent, top quartile track record of returns. The ScaleVP team's collaborative and active approach provides entrepreneurs a competitive advantage for growth and category leadership. For more information, visit www.scalevp.com.
Lightbank is an investment fund focused on early-stage technology companies. Founded by Eric Lefkofsky and Brad Keywell, Lightbank invests money, time and expertise to help innovative businesses achieve dynamic growth. For more information, visit http://www.lightbank.com.
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