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Refinery29 Raises $50 Million from Scripps Networks, WPP

Digital-media company Refinery29, focused on female millennial audiences, raised $50 million in funding from cable programmer Scripps Networks Interactive and global advertising giant WPP.

The round brings the company’s total funding to $80 million. Previous investors including Stripes Group, Floodgate, Lead Edge Capital, First Round Capital, Lerer Ventures and Hearst.

Refinery29 said it will use the new funding to launch in more international markets, develop video and entertainment offerings, and expand its content and technology platform for mobile and social platforms. The company is slated to present at the 2015 Digital Content NewFronts on Wednesday in New York.

“We are focused on vastly expanding our media and entertainment brand, creating smart, provocative editorial, video, and social content at the intersection of style, culture, and independence,” Philippe von Borries, co-founder and co-CEO of Refinery29, said in a statement.

With the funding, Scripps Networks chief development officer Joseph NeCastro will join Refinery29’s board as will a representative from WPP Ventures. SNI owns Food Network, HGTV and other cable networks.

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“Refinery29 is committed to building an influential brand that connects with millennial women across the world, and we’re excited about the prospect of working in partnership with the team as they continue to expand their coverage and reach,” NeCastro said in a statement.

New York-based Refinery29 claims to be profitable and says it has nearly doubled its growth in each of the last three consecutive years. The 250-employee company had about 25 million monthly unique visitors in March 2015, per comScore.

Allen & Co. served as financial adviser to Refinery29 in connection with the funding.

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