Funding is a pain point for many founders — especially females, who, according to Pitchfork, receive approximately 2.4 percent of all venture capital dollars invested in the U.S.
In spite of that, theSkimm defied the odds and announced a $12 million Series C funding round today.
Founded in 2012 by Carly Zakin and Danielle Weisberg, theSkimm started as a daily newsletter full of summarized news most relevant to millennial women. It has since grown into a membership company that includes event highlights, interesting videos and an app that houses all of its content. It’s news for women, by women — and its investors follow suit.
With a majority of our audience being female, it’s vital to the success of our business to involve women at every single level, and that includes our investors."
Female investors Tyra Banks, Shonda Rhimes Willow Bay, Jesse Draper, Linnea Roberts and Hope Taitz, along with The Goldman Sachs Group, Inc. and Michael Karsch of Juice Press, contributed to the round.
“As a female led and founded company, we are excited to have the opportunity to bring such an impressive and dynamic group of female investors into theSkimm fold,” Zakin and Weisberg said in a statement. “With a majority of our audience being female, it’s vital to the success of our business to involve women at every single level, and that includes our investors. With their added perspective and resources, we look forward to this next chapter in our company’s history.”
The funding brings the company’s total amount raised to $28 million, and will help grow the brand’s premium and free features.
theSkimm’s funding announcement is the latest in a series of recently funded female-centric startups, including Birchbox, Billie and Shine, which could signal a more level playing field is within reach.