Verizon Ventures, a division of Verizon Communications Inc. (NYSE:VZ) has invested in home and cooking website Brit+Co.
Verizon Ventures led the $15 million round of funding as announced by the website’s founder, Brit Morin, who also happens to be a former employee at Apple Inc. (NASDAQ:AAPL) and Alphabet Inc (NASDAQ:GOOGL). The website is a multipurpose platform that offers e-commerce and online content such as receipes, DIY tips, home décor items and other merchandise sold via the website. Most of the website’s audience consists of young women between 20 and 30 years old. Morin has even earned herself the nickname “the Martha Stewart of Silicon Valley.”
Verizon Ventures among the investors that participated in the funding
Verizon Ventures led the $15 million funding which brings the startup website’s total funding to about $45 million. Some of the other investors that participated in the round of funding include Oak Investment Partners, Angel Investors, DMGT and Lerer Hippeau Ventures among others.
Brit+Co says that it will use the new funding in advertising, merchandising initiatives and online classes. It will also use some of the money to expand its editorial coverage, especially video. The startup currently has about 100 paid online classes that it offers where people can learn a variety of skills.
“The team at Brit + Co develop and deliver creative lifestyle content, classes, and products that inspire and enable millions of women to take charge and shape their lives,” stated Verizon Ventures executive director Mark Smith.
Brit+Co generates its revenue from online advertising, its online classes and craft kit sales. It even started selling its DIY kits in the retail stores of Target Corporation (NYSE:TGT). Morin did not reveal the exact numbers that it has been hitting in terms of revenue though she did state that it is in the region of eight figures. She also added that she expects revenue to rise by 300% this year. However, it will most likely not be a walk in the park considering that its rival website Craftsy was recently acquired by NBC Universal.
Verizon’s stock closed the latest trading session at $45.04 after the stock surged by 1.26 percent from the previous close.