BeachMint — an ecommerce startup that lets customers subscribe to receive products hand-picked by celebrities each month — has quickly become one of the hottest companies in Los Angeles.
“Today [01/25/2012] the company is announcing that it’s raised a $35 million funding round with some big-name investors: the round is being led by Accel Partners, with participation from Goldman Sachs, New World Ventures, NYC-based and Millennium Technology Value Partners, with existing investors participating as well. Accel’s Greg Waldorf will be joining BeachMint’s board. This brings BeachMint’s total funding to a whopping $75 million.
This is obviously a big raise, and it comes only seven months after the company raised $23.5 million at a rumored $150 million valuation. Why are they raising so much? The short answer: they’re growing like crazy and are planning to go international — and they’ll be fending off plenty of competition.
BeachMint, which was founded by MySpace cofounder Josh Berman and Diego Berdakin, has made an art out of launching celebrity-endorsed monthly subscription sites for a variety of verticals, using a model very similar to ShoeDazzle, which launched in 2009…”