Goop raises $50 million in a Series C with investors in the round including NEA, Lightspeed, and Felix Capital. This round brings Goop’s total outside investment to $82 million.
WHO: Gwyneth Paltrow founded Goop in 2008 out of her kitchen as a homespun weekly newsletter. She wanted a place to organize her unbiased travel recommendations, health-centric recipes, and shopping discoveries for friends, and she also wanted to get her own questions—about health, fitness, and the psyche—answered. The brand has evolved into a full-blown content-and-commerce lifestyle company.
WHY: The newest investment will fund its international expansion, the company says, adding that it will specifically focus on expanding e-commerce into Europe by the end of the year, as well as host overseas events.
- This round brings Goop’s total outside investment to $82 million, following family-and-friend funding, a $10 million series A in 2015, and a $15 million series B in 2016.
- Market sources estimated Goop’s 2016 revenue at $15 to $20 million, but the company would not confirm the number. The company is not yet profitable.
- Goop did not confirm a valuation but did say PitchBook’s recent estimate of $250 million was off, though the company would not comment on if it was too high or too low.
- According to Pitchbook, Goop had previously raised $26.5 million. It was valued at $65 million in August 2016.
- According to Forbes, the company claims it tripled revenue year-over-year for each of the past two years and says it is on track to more than double revenue in 2018.
- Goop launched branded products in 2016, which constitute Goop’s fastest-growing revenue stream. The company claims that sales will increase 200% this year.
- Goop launched Canadian shipping in December 2017.
- This year’s growth is expected to come from new Goop-branded product lines, including a fourth fragrance, new skincare products, and a home goods line, as well as the expanding international business.
Photo: Goop via Facebook