Gwyneth’s Goop banks $50 mn for European expansion

Gwyneth’s Goop banks $50 mn for European expansion
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Los Angeles: Actress-entrepreneur Gwyneth Paltrow has raised $50 million in venture capital money for Goop, the lifestyle media and e-commerce company she founded, and has set her sights on Europe for its next stage of growth.

The Series C round included participation form new and existing investors, including NEA, Fidelity Management and Research Co, Lightspeed Venture Partners and Felix Capital. It brings Santa Monica, the California-based Goop’s total outside investment to $82 million, reports variety.com.

The 150-employee company has a post-money valuation of $250 million.

According to the company, which Paltrow founded in 2008 as a newsletter, Goop already has a strong international audience, with 35 per cent of its current readership outside the US.

–IANS