Minted, a US-based online marketplace for design and art, which counts itself as a pioneer in crowd-sourcing product design through vote-based competitive challenges, has raised $41m in its series C financing led by IT-focused venture capital firm Technology Crossover Ventures (TCV). Boutique investment bank Allen & Company and existing investor, venture capital firm Benchmark Capital both participated in the round, along with angel investors Kevin and Julia Hartz, co-founders of Eventbrite; previous backers of Minted include include IDG Ventures, an investment network whose limited partners include IT media company International Data Group.
Prior to this round, Minted had raised $11m from investors including IDG Ventures, Benchmark Capital, and Menlo Ventures.
Minted will use the funding to scale and fulfill demand in its core stationery business and to extend its crowd-sourcing model to new categories, including its new wall art and party decor businesses.
Woody Marshall, general partner at TCV, who joins Minted’s board of directors, said: “I have long believed that the online environment would radically alter and grow the stationery and design markets. Minted’s crowd-sourcing model is a game-changer in this industry, creating superior design, assortment, and speed to market.”
Previously, TCV invested in online stationer TinyPrints before its acquisition by Shutterfly.
Mariam Naficy, Minted’s founder and chief executive officer, said: “Our mission is to find and nurture great designers, no matter where they are in the world, and enable them to bring their vision to consumers in the form of premium products. We are excited to partner with TCV and other highly-experienced new investors to continue building a marketplace that brings together consumers and independent designers.”