Sugar Inc. Raises $16 Million From Sequoia & Buys Out ShopFlick.com
Sugar Inc. is a blog network that focuses on women. Some of the blogs in their network include PopSugar, GeekSugar, BuzzSugar, etc. Earlier this week the company raised a $16 million Series C round of funding from Sequoia Capital.
Through the investment, Sugar plans to launch Super Digital Entertainment, a division that will focus on online video, TV, film, videogames, etc. Sugar has also hired David Grant, the former President of FOX TV Studios. Sugar also acquired the company that Grant has founded, ShopFlick.com.
“These moves further our rapid growth into a leading media company,” stated Sugar Inc. founded and CEO Brian Sugar. “Sugar Digital Entertainment, run by an executive with a successful track record in television and digital, will leverage our brand and expertise into online video, TV and film. Shopflick’s team and online video expertise will enable ShopStyle to further leverage the powerful relationship between content and commerce, an area of vast potential online. In short, we have become a media company with exceptionally diversified revenue streams encompassing advertising, commerce and license fees.”
[via BusinessInsider]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry