New Unit to Expand Sugar Brand into Video, TV and Film; Sugar has also Acquired Video Shopping Start-Up Shopflick.com and Completed a $16 million Series C Funding from Sequoia Capital
San Francisco, CA, June 1, 2009 – Sugar Inc. announced today a series of steps to expand and diversify the fast-growing woman’s lifestyle media company.
- Sugar is launching Sugar Digital Entertainment, an LA-based unit that will expand the Sugar brand into online video, television, film, videogames and other content formats. David Grant, former President of Fox TV Studios, Exec VP of the FOX Network and founder and CEO of Shopflick.com, joins Sugar as President of SDE with a mandate to work with talent and media partners on Sugar-branded projects.
- Sugar has acquired Shopflick.com, the video-powered fashion marketplace founded by Grant in 2008. Shopflick is a pioneer in online video-driven shopping, with a critically-acclaimed brand that has quickly built a following with both designers and shoppers. Shopflick will enable Sugar’s ShopStyle -- the leading social shopping destination for women -- to pioneer a new video-driven commerce offering for its merchant partners.
- Sugar also announced that it has completed its Series C funding by securing $16M from existing investor Sequoia Capital. Sugar intends to use the funds for acquisitions and international expansion to support the company’s growth into a major media company targeted to women’s lifestyle. In conjunction with the transaction, the Company has repurchased shares sold in 2007 to NBC Universal.
“These moves further our rapid growth into a leading media company,” said Brian Sugar, founder and CEO of Sugar Inc. “Sugar Digital Entertainment, run by an executive with a successful track record in television and digital, will leverage our brand and expertise into online video, TV and film. Shopflick’s team and online video expertise will enable ShopStyle to further leverage the powerful relationship between content and commerce, an area of vast potential online. In short, we have become a media company with exceptionally diversified revenue streams encompassing advertising, commerce and license fees.”
David Grant, founder and CEO of Shopflick.com said: “Sugar has tapped into the passions and interests of women in a way other media companies can only dream of, so I see this as a big opportunity to help the founders take an already successful company to another level. Sugar’s brand and expertise in women will play a role in creating great video content on all platforms, including online, TV, film and wherever smart, passionate woman are gathering. I am equally excited about finding a terrific home for the Shopflick team and the opportunity to turn our vision of video-driven shopping into reality for the millions of women who visit Sugar every month.”
About Sugar Inc.
Sugar Inc. is an online media network focused on creating the richest, most relevant online community for trendsetting, passionate and smart women. The company owns and operates ShopStyle, OnSugar and the Sugar Network, which includes the insanely addictive flagship website, PopSugar as well as BellaSugar, BuzzSugar, YumSugar, FitSugar, GeekSugar, CasaSugar, TresSugar, TeamSugar and FabSugar. Founded in April 2006, the San Francisco based Sugar Inc. overall receives over 10 million unique visitors a month and is backed by world class investor Sequoia Capital.
About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into enduring companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of NetApp, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of nVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube, Dominic Orr and Keerti Melkote of Aruba Wireless Networks and Jonathan Kaplan of Pure Digital. To learn more about Sequoia Capital visit www.sequoiacap.com.