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Thanks to the internet, we’ve become a design-happy culture. Whether it’s coveting the latest handmade goods on an independent retailer like Etsy or posting drool-worthy decorating photos on Pinterest, the idea of impeccably-manufactured yet still delicately-DIY goods have gained major appeal. That desire is reflected in independent marketplace and crowdsourced design company Minted, which announced that it has raised $41 million in Series C financing.
The round, led by Technology Crossover Ventures, succeeds a Series B round of $5.5 million raised in November of 2011. Allen & Company and existing investor Benchmark Capital also participated in the round, along with angel investors Kevin and Julia Herts, the co-founders of Eventbrite. The company will be using the new funds to scale its growing stationery business, as well as extend its signature crowdsourcing model to wall art and party decor.
Minted, which was founded in 2008 by co-founders Mariam Naficy and Melissa Kim, is best known for a crowdsourcing-based design model that has attracted the interest of Yahoo CEO Marissa Mayer, in addition to traditional venture capitalists. Independent designers can submit to any number of contests through Minted, which the community then votes on If the design wins, then designers receive a cash prize as well as a 6 percent commission on all sales through the marketplace.
The company has also seen big growth recently — doubling its workforce in the last year to a team of 115. In addition, Minted claims to have seen “more than 100 percent year-over-year revenue,” though more concrete numbers have yet to surface. With this sizable round, it’s clear the company is definitely making big moves to scale up.