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The Refinery29 founders; from left to right: Christene Barberich, Justin Stefano, Piera Gelardi, and Philippe von Borries. Photo: Refinery29

Refinery29, the venture-backed digital media company focused on millennial women, is looking to raise up to $20 million in new funding, according to an SEC filing.

Why it matters: The company plans to use the funds to expand internationally and for its originals studio and events business, Axios has learned. The company was rumored to be in merger talks with Group Nine Media, another millennial-focused venture-backed brand recently, though there's no concrete deal at the moment, according to sources.

Details: The company has already raised at least $8 million, according to the filing.

  • The funds comes from existing backers: Stripes Group, Discovery Communications Inc. (formerly Scripps Network Interactive), WarnerMedia (previously Turner Broadcasting) and WPP, and it hopes to raise the remainder from international investors, according to a source familiar with the deal.
  • The new investment, which would be in the form of convertible debt, would bring the total amount the firm has raised to $145.4 million since 2010.

Between the lines: The new fundraising comes amid recent challenges, including an increasingly competitive digital advertising landscape.

  • The company has also gone through a series of layoffs over the last few years. Most recently, in October, Refinery29 confirmed that it would lay off 40 employees — roughly 10% of its staff. In December 2017, it laid off 34 employees.
  • Executives recently told Business Insider that the company brought in more than $100 million in revenue last year.

The big picture: In recent months, Refinery29 has been focused on expanding its coverage and events business internationally.

  • In January, it announced a multiyear deal with Endeavor's IMG, an events and talent management company, to expand its flagship pop-up event, 29Rooms, to Canada and Europe.
  • In March, it hired Katherine Tooley from Superfly as senior vice president of experiential events.

Yes, but: While Refinery29 seems committed to pushing forward with its expansion plans, a potential merger isn't completely off the table, say sources.

Refinery29 declined to comment and investors did not respond to requests for comment.

Go deeper

Ben Geman, author of Generate
6 mins ago - Energy & Environment

A $1 billion plan to deploy clean power in developing nations

Illustration: Eniola Odetunde/Axios

Two foundations just unveiled a $1 billion initiative to help deliver clean energy to huge numbers of people worldwide who lack electricity access — and they hope it catalyzes vastly more outside capital.

Driving the news: The Rockefeller and Ikea foundations said the new program "aims to reduce 1 billion tons of greenhouse gas emissions and to empower 1 billion people with distributed renewable energy."

Dan Primack, author of Pro Rata
31 mins ago - Economy & Business

Scoop: Sweetgreen files for IPO

Illustration: Sarah Grillo/Axios

Sweetgreen, one of the earliest "better for you" quick-serve restaurant chains, has filed confidentially for an IPO, Axios has learned from multiple sources.

Why it matters: The company has been a rumored IPO candidate for years, and now is coming out as a post-pandemic growth play.

Investors fear inflation, labor shortages in second half of 2021

Illustration: Sarah Grillo/Axios

Investors entered 2021 concerned about the transition to a new U.S. president, the form of new fiscal stimulus, the distribution of vaccines and the reopening of the economy. Now, top risks include supply chain bottlenecks, labor shortages, inflation and slower GDP growth.

Why it matters: Stocks have rallied almost unabated for over a year, leaving many to wonder if the market is overdue for a big selloff. Last week's declines amplify those concerns.

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