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Goop raises 10 million dollars in Series B funding

By Kristopher Fraser


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Gwyneth Paltrow's eight-year-old lifestyle website Goop is getting its moment in the spotlight. The company, which opened a pop-up shop in New York for holiday 2015, is now getting a full makeover. This is in thanks to 10 million dollars the company raised through a round of Series B funding.

The three major investors for the round were venture capital firm NEA, Felix Capital, and 14W Venture Partners. Paltrow plans to use the money to centralize creative operations in Los Angeles and expand the firm's direct-to-consumer business plan. Goop ceo Lisa Gersh will be stepping down from her role to become a strategic adviser.

“We’re going to invest in our own product and head count and make some tech investments that we think are important and we’re going to use it to get some people across to [LA],” said Paltrow to the New York Post.

Gwyneth Paltrow grows her Goop business

An apparel line will launch in the fall. In February, Goop launched its own skincare line.

Paltrow's site, which features everything from accessibly priced to high-end items, will be keeping a small team in New York.

Paltrow, of course, intends to remain very involved with her company as the founder and chief creative officer, but she wants her company to be able to stand on its own without relying on the weight of her name.

photo via Goop website

Gwyneth Paltrow