US-based designer-led social commerce website Minted.com closed a $5.5m series B funding round on Tuesday with participation from IDG Ventures, a corporate venturing unit belonging to technology, media and investment the International Data Group. IDG previously backed Minted’s $2.5m series A round in 2008.
The latest round was led by venture capital firm Benchmark Capital while Menlo Ventures, the venture capital division of real estate and investment firm the Menlo Group, also participated, as did angel investors Marissa Mayer of internet conglomerate Google and Jeremy Stoppelman of social networking and local services website Yelp.
Minted operates similarly to online clothing site Threadless, hosting a global community of designers that puts designs for paper goods such as stationary, greeting cards and calendars forward for online voting. The most popular designs are then produced and sold on the website.
Alex Rosen, managing director at IDG Ventures, said: "Minted is a remarkable e-commerce company, led by a remarkable entrepreneur. We are delighted to have been a backer of the company for the last three years."
The series B financing will be used to increase Minted’s recruitment and support the expansion of the site’s product lines.