Turner, a broadcast subsidiary of entertainment and media group Time Warner, led a $45m series E round for US-based online media company Refinery29 yesterday.
The round, which also includes television company Scripps Networks Interactive, values Refinery29 at $500m, people familiar with the matter told the Wall Street Journal. Turner’s imminent investment was first reported by Recode last month.
Launched in 2005, Refinery29 operates a digital media site focused on women that initially concentrated on articles, but which has extended into video, forming specialised channels for sport, beauty and comedy.
Refinery29 attracts more than 27 million unique monthly visitors, and the company has a reach of more than 225 million across all its platforms. That reach has grown by 226% since its last funding round, in April 2015, since when it has launched UK and German editions and beefed up its video offering.
Turner made its investment as part of a strategic alliance that will involve programming content being created for various Turner channels and the formation of various cross-platform advertising sales partnerships.
The brunt of the series E capital will go to expanding Refinery29’s video content to new formats and channels, growing globally and developing new products and features for advertising and platform partners.
Refinery29 has now raised $125m in total, having secured $50m from Scripps Networks Interactive and WPP Ventures, the corporate venturing unit of marketing company WPP, in the 2015 round.
Media firm Hearst was among the investors in a $5.6m series B round in 2013 also backed by Floodgate, Lead Edge Capital, First Round Capital and Lerer Ventures but is no longer listed as an investor on Refinery29’s website. Stripes Group invested $20m later the same year.
David Levy, president of Turner, said: “In order to achieve success in today’s quickly evolving digital environment, we believe in partnering with brands that have distinct voices and loyal, engaged audiences.
“Refinery29 certainly fits the bill, bringing with it a highly coveted following of millennial-minded women, strong capabilities in digital products, event marketing and content creation, as well as an attractive advertiser base.
“We are excited to enter into this agreement and look forward to working with the talented and creative team at Refinery29 to develop and expand opportunities around our commercial content partnership and other initiatives that will engage audiences and appeal to advertisers.”
Christina Miller, president and general manager of Turner channels Cartoon Network, Adult Swim and Boomerang, will take a seat on Refinery29’s board of directors in conjunction with the investment.