Stealth E-Commerce Company BeachMint Raises $10 Million
BeachMint.com is a social commerce company that has raised $10 million in funding. The investment was led by Trinity Ventures, New Enterprise Associates, Anthem Ventures, and Stanford University. BeachMint was founded by MySpace co-founder Josh Berman. Diego Berdakin is the other co-founder of BeachMint. Below is the full press release:
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
BeachMint Announces $10 Million in Funding From Trinity Ventures, Stanford, NEA and Anthem Ventures
SANTA MONICA, Calif., Dec. 27, 2010 /PRNewswire/ — Recently launched social commerce company, BeachMint, announces a $10 million round to accelerate the company’s remarkable growth and reach new markets. The investment is led by Trinity Ventures, with participation from Stanford University and existing investors, New Enterprise Associates and Anthem Ventures.
BeachMint, a social commerce company founded by MySpace Co-Founder, Josh Berman, and serial tech entrepreneur, Diego Berdakin, successfully launched their first ecommerce vertical in jewelry with style icon, Kate Bosworth, and her celebrity stylist, Cher Coulter. JewelMint (www.jewelmint.com) is an exclusive jewelry of the month club featuring monthly collections designed by Kate and Cher.
The growth of JewelMint helps the company penetrate the rapidly growing online retail industry, which is expected to reach $175 billion in sales in 2010, according to Forrester Research. Berman noted, “We are extremely excited to add Trinity Ventures and our new Board member, Patricia Nakache, to our team. Their vast ecommerce experience and understanding of the explosive growth in the social commerce space is a welcome addition for BeachMint and our journey ahead.”
This new round of funding will be used to bolster the staff and launch new verticals and celebrity partnerships in 2011, which BeachMint will announce in Q1. Berdakin noted, “We’re on fire and looking to hire aggressively. We couldn’t be more excited about this space and its potential. The company currently has a headcount of twenty, which we’re planning on doubling over the next couple months.”
For more information, or to view membership details of BeachMint’s first vertical, please visit: WWW.JEWELMINT.COM