Refinery29, the US-based operator of a fashion and lifestyle site for women, is set to raise a series D round that could reach $50m, Fortune reported yesterday.
Then majority of the funding is set to come from existing investors including media company Hearst, and the cash will be raised at a $240m valuation, according to a source.
Refinery29 combines articles, listicles, blogs and videos into a single fashion and lifestyle-focused site that it claims has 21 million monthly visitors and 1.9 million email subscribers.
The company has so far raised $30.4m in funding, most recently receiving $20m in series C funding from growth equity firm Stripes Group in October 2013.
Hearst, Floodgate, Lead Edge Capital, First Round Capital and Lerer Ventures jointly invested $5.6m in the company’s series B round in January of the same year.