Brit + Co said Tuesday it raised $20 million in Series B funding led by Intel Capital with additional participation from DMGT, Liberty Media, Oak Capital and select angels including Jim Fielding. Brit + Co said it also acquired Snapguide, a free iOS app and web service that allows users to create and share step-by-step “how-to guides”. Brit + Co is an e-commerce and online media startup.
SAN FRANCISCO–(BUSINESS WIRE)–Today, shortly after its $20 million Series B fundraise, e-commerce and online media startup Brit + Co announces key appointments to its executive team and board. Naming a new chief financial officer (CFO) and notable additions to its board, the company is poised to continue its growth as the leading platform to inspire creativity in women and girls and the number one DIY destination on the web, reaching more than 12 million people each month.
“Brit Morin has earned a position as one of the most forward-thinking entrepreneurs of her generation,” said Lisa Lambert, managing director and vice president of Intel Capital, and Brit + Co’s newest venture partner and board member. “With its powerful combination of media and e-commerce, Brit + Co is bringing more women and girls into the fast-growing maker movement, which fits perfectly into the goals of our new Diversity Fund.”
Susan Lyne, previously CEO at Martha Stewart and later CEO at Gilt Groupe, will also join Brit + Co’s board. Lyne currently heads the Built By Girls (BBG) fund, leading the charge to improve tech’s work culture and focusing on empowering women in tech through investing. “To leverage Susan’s experience with integrated content and commerce strategies as we continue to expand in these areas will be invaluable,” said Brit Morin, founder and CEO of Brit + Co.
“Brit + Co has built a DIY brand for the digital age that truly resonates with its millennial audience,” said Susan Lyne. “I look forward to working with Brit and her team to help the business reach its full potential.”
Along with the addition of Lyne, Nicole Emanuel will join the company’s executive team as CFO. Prior to her most recent role at Swarm-Mobile, Emanuel was the CFO of Refinery29, helping to facilitate its rapid growth and expansion. She brings more than 16 years of experience to the company. Emmanuel joins at a pivotal time of growth reflective of the company’s revenue doubling in the first half of 2015 (year over year).
Also joining a subcommittee of Brit + Co’s board are Jon Steinberg, Ron Johnson and Jim Fielding, all bringing a wealth of expertise and knowledge in the tech, retail, and media industries. Steinberg is the current CEO of Daily Mail North America and was previously president and COO of BuzzFeed, where he helped the company grow from a content site to a global social advertising business. Johnson, current head of startup Enjoy, was previously senior vice president of retail operations at Apple Inc, in addition to serving as the vice president of merchandising for Target Corporation.
Additionally, Brit + Co is announcing its acquisition of Snapguide, a free iOS app and web service that allows users to create and share step-by-step “how-to guides”. As the web’s leading DIY destination, Brit + Co is continuing to invest in growth, with a specific focus on video and e-classes. Snapguide’s user-friendly technology will contribute to the company’s expanding social education platform, adding its more than 100,000 how-to tutorials to Brit + Co’s content.
This news comes shortly after the company’s Series B funding, led by Intel Capital with additional participation from DMGT, Liberty Media, Oak Capital, and select angels including Jim Fielding. Intel Capital’s investment in Brit + Co is part of its newly-announced Diversity Fund.
About Brit + Co
Founded by Brit Morin in 2011, Brit + Co is an online media and e-commerce platform that provides tools to teach, inspire, and enable creativity among women and girls. From traditional crafts to high-tech manufacturing, Brit + Co connects millions of users with makers, designers, chefs and inventors, together building a community of creativity. Users can purchase DIY project kits and products from a curated selection of makers in the Brit + Co Shop. They can learn new creative skills through online tutorials and a series of exclusive e-classes. Brit + Co is available for download on iOS, Android, and Windows Phone; connect with us online at Facebook, Pinterest, Twitter and Google+.
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US $11.4 billion in over 1,400 companies in 57 countries. In that timeframe, 211 portfolio companies have gone public on various exchanges around the world, and 369 were acquired or participated in a merger. In 2014, Intel Capital invested $359 million in 125 investments, including 59 new deals. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.