Web-only retailers, including Amazon, accounted for 42% of sales of all retailers ranked in the Read Now
Minted will use the capital to hire staff and launch new products.
Online card, invitation and stationery retailer Minted said this week it had raised $5.5 million in a funding round, the company’s second. Minted says it will use the capital to hire staff and launch product lines.
Peter Fenton of Benchmark Capital led the funding round. IDG Ventures and Menlo Ventures, along with Marissa Mayer of Google and Jeremy Stoppelman of Yelp, also took part. "Minted immediately grabbed our attention as a business that could scale,” Fenton says. “They combine two powerful forces, the creative power of an online design community and the aesthetic needs of mass affluent females.”
Minted describes itself as a community because its prints and sells the best designs from independent graphic designers, as voted on by other site visitors. Designers earn cash prizes and commissions on sales.
“We are thrilled to have attracted top-tier investors who recognize our unique ability to serve the rising design consumer as well as the best graphic designers in the world,” says Mariam Naficy, CEO and founder. “Peter's deep experience investing in community-driven businesses will be vital to our mission."