Actress-turned-entrepreneur Gwyneth Paltrow is getting more capital to accelerate her startup’s growth.
Goop, the lifestyle brand which she founded ten years ago, is announcing a $50 million Series C round from NEA, Lightspeed Venture Partners and Felix Capital. It brings the total outside investment to $82 million. A source close to the situation tells us that the latest round is being done at about a $250 million post-money valuation, although the company denies it. Pitchbook has separately reported Goop’s post-money valuation to be $250 million.
Paltrow is more than just a celebrity attached to the company. She also runs it as creative director and CEO and has become nearly as well-known for her unusual diet and beauty rituals as for her Oscar-winning acting.
Goop, meanwhile, is growing. Not only does its digital property feature content about fashion, travel, and beauty, but it increasingly sells relevant products, something the company calls “contextual commerce.” These include categories like apparel, skincare, vitamins and bath products.
Some of the more unusual items the company promotes are gem-infused water bottles that are said to promote positive energy. Such claims have landed Goop in hot water; a handful of the wellness products have been accused of false advertising.
Consumers may be less interested in the controversies, however. The startup says it has tripled its revenue each of the past two years. (Goop didn’t share specific sales numbers, however.)
We’re also told that a large portion of the company’s 2018 growth will come from continued international expansion. Goop’s commerce business recently launched in Canada, and it expects to ship to Europe by the end of the year.
Goop says that new product lines like home furnishings may also be on the horizon.