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Exclusive: Refinery29 is raising up to $50 million

March 3, 2015, 6:39 PM UTC
"I Smile Back" After Party At The Acura Studio With Refinery29 - 2015 Park City
PARK CITY, UT - JANUARY 25: A general view of atmosphere at the "I Smile Back " after party at the Acura Studio with Refinery29 on January 25, 2015 in Park City, Utah. (Photo by Neilson Barnard/Getty Images for Acura)
Photograph by Neilson Barnard — Getty Images

Refinery29, a fashion and lifestyle site for young women, is close to raising a large new round of funding, according to sources familiar with the situation. The company is seeking up to $50 million in funding. Most of the money in this round would come from strategic investors, including existing shareholder Hearst Corporation. One source says that the round would value Refinery29 at around $240 million.

Refinery29 generated between $55 million to $60 million in revenue last year, a 100% increase from 2013, and is profitable. The company’s revenue is similar to that of Vox Media, but Refinery29’s traffic is just over half the size, according to an Ad Age report. Vox’s last round of funding came at a $380 million valuation.

To date, Refinery29 has raised $30.4 million from Stripes Group, Lead Edge Capital, Floodgate, First Round Capital, Hearst, Lerer Hippeau Ventures and Eastern Capital. A Refinery29 spokesperson declined to comment on the details of the company’s fundraising.