E-retailers must focus on their specific goals and examine a vendor’s reputation and market expertise, not referrals.
The company says it will add two more e-retail sites to its celebrity-backed subscription sites.
BeachMint Inc., the e-commerce company behind such subscription-based fashion e-retail sites as JewelMint.com, StyleMint.com and BeautyMint.com, has raised $35 million in its latest funding round, bringing its total funding to more than $75 million. The retailer, which launched late in 2010, says it intends to use the money to expand to new markets and that it will launch two more e-commerce sites in the coming months.
New investors who participated in this investment round include venture capital firms Accel Partners and New World Ventures, as well as investment bank Goldman Sachs. Existing investors also participated. Accel Partners’ CEO-in-residence, Greg Waldorf, joins BeachMint’s board with the investment. Waldorf was CEO of online dating site eHarmony.com from 2008 to early 2011.
“We’ve watched BeachMint’s incredible growth over the past year and believe the company is uniquely positioned to continue innovating and evolving the customer experience online,” says Sameer Gandhi, a partner at Accel Partners.
BeachMint introduced its first e-retail site, JewelMint.com, in October 2010 and its second site, StyleMint.com,, launched in June with actresses Mary-Kate and Ashley Olsen serving as designers. The company then launched BeautyMint.com with singer Jessica Simpson and ShoeMint.com with actress Rachel Bilson, both in November. BeachMint’s sites operate on a subscription basis. A subscriber pays a fixed price to receive a new product of her choice each month based on a selection the BeachMint e-retail site matches to her stated fashion preferences. BeachMint did not reveal which celebrities will be tied to the forthcoming sites or what those sites will sell.
“With these partners and funding, we’ll continue to evolve our technology and expand our brands in order to offer our unique shopping experience in more markets globally and to build out our existing brands,” says BeachMint CEO Josh Berman.
Internet Retailer editors selected JewelMint.com, BeachMint’s jewelry-focused site, to be included in its Hot 100 list, an annual compilation of the most innovative e-retailers. Order your copy of this special issue here.