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Total amount raised
$297M
Latest funding date
2018-12-14
Location
Minted has successfully raised funds over six rounds, with the latest being a Series E round involving investors such as T. Rowe Price and Permira. The platform connects users with artists to create unique products, ranging from wedding invitations to art prints.
What Is Minted?
Minted, founded in 2007, is a design marketplace based in San Francisco, California. The company operates in various industries, including art, crowdsourcing, e-commerce, graphic design, home decor, and internet.
With an employee count ranging from 251 to 500, Minted connects users with independent artists to create unique products such as wedding invitations, art prints, and personalized gifts. The platform emphasizes quality materials and craftsmanship, supporting artists through design challenges and sales opportunities.
How Much Funding Has Minted Raised?
- Seed Round
- Amount Raised: USD 2,500,000
- Date: July 2008
- Lead Investors: Not publicly disclosed (angel investors, including founders of WetPaint, ePinions, and eToys)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial product offerings.
- Series A
- Amount Raised: USD 2,100,000
- Date: September 2008
- Lead Investors: Ridge Ventures (formerly IDG Ventures USA)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform and increase user acquisition.
- Series B
- Amount Raised: USD 5,500,000
- Date: November 2011
- Lead Investors: Benchmark Capital
- Participants: IDG Ventures, Menlo Ventures, Marissa Mayer, Jeremy Stoppelman
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series C
- Amount Raised: USD 41,000,000
- Date: October 2013
- Lead Investors: Technology Crossover Ventures (TCV)
- Participants: Allen & Company, Benchmark Capital, Kevin and Julia Hartz, Marissa Mayer, Jeremy Stoppelman
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expand into new product categories.
- Series D
- Amount Raised: USD 38,000,000
- Date: October 2014
- Lead Investors: Norwest Venture Partners
- Participants: Technology Crossover Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch new product categories and enhance manufacturing capabilities.
- Series E
- Amount Raised: USD 208,000,000
- Date: December 2018
- Lead Investors: Permira (led by Brian Ruder, Co-Head of Technology and Partner) and T. Rowe Price (led by Henry Ellenbogen, portfolio manager, T. Rowe Price New Horizons Fund)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new channels, grow wholesale and licensing businesses, and reach more consumers.
Total Amount Raised: USD 297,100,000 (approximately $297M across all disclosed rounds). Current Valuation: Not publicly disclosed.
Key Investors
- Permira
- Details: Permira is a global investment firm that advises funds with total committed capital of approximately $50 billion. The Series E investment was led by Brian Ruder, Co-Head of Technology and Partner. This was Permira Funds' first strategic minority investment in the United States under its growth opportunities strategy.
- Investment Focus Areas: Technology, Consumer, Healthcare, Financial Services.
- Notable Investments: Genesys, Informatica, Magento.
- T. Rowe Price
- Details: T. Rowe Price is a global investment management firm with over $1 trillion in assets under management. The Minted Series E investment was led by Henry Ellenbogen, portfolio manager of the T. Rowe Price New Horizons Fund.
- Investment Focus Areas: Technology, Healthcare, Financial Services, Consumer Goods.
- Notable Investments: Amazon, Google, Facebook.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a venture capital and growth equity investment firm. They led Minted's Series D round in October 2014, focused on supporting new product category expansion.
- Investment Focus Areas: Technology, Healthcare, Financial Services.
- Notable Investments: Uber, Spotify, Jet.
- Technology Crossover Ventures (TCV)
- Details: TCV is a private equity and venture capital firm that focuses on investing in technology companies at various stages of growth. TCV led Minted's Series C in October 2013 and also participated in the Series D round.
- Investment Focus Areas: Internet, Software, Financial Technology.
- Notable Investments: Facebook, Netflix, Spotify.
- Benchmark
- Details: Benchmark is a venture capital firm that provides seed money to startups. Benchmark led Minted's Series B in November 2011 and also participated in the Series C round.
- Investment Focus Areas: Technology, Internet, Mobile.
- Notable Investments: Uber, Twitter, Snapchat.
What's Next for Minted?
Minted is poised to capitalize on significant opportunities by expanding into new product categories such as fabrics and home decor. This move allows artists to set up their own storefronts, leveraging Minted's manufacturing and customer service platform. The potential for growth is substantial, given the platform's existing community of over 6,000 artists and the $38 million recently raised to support these initiatives.
Future fundraising opportunities seem promising, especially with the backing of prominent investors like Norwest Venture Partners and Technology Crossover Ventures. As Minted scales, it may seek additional funding to further enhance its technology platform and expand its market reach.
However, challenges lie ahead. Managing the quality and consistency of products from a diverse group of independent artists and competing with other online marketplaces will be critical. Additionally, ensuring the scalability of their business model as they expand into new categories will require careful planning and execution.
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