BeachMint is one of the many companies competing on the web for users of social electronic commerce. The company recently raised $23,500,000 of new capital from several sources, including the investment fund created by the co-founders of Groupon, the widespread social shopping application.
The new funding is earmarked for development of the current brands created by BeachMint – JewelMint and StyleMint. JewelMint is a fashion e-commerce website that was launched in October 2010. Subscribers pay a monthly fee of $29.99 to receive personalized jewelry recommendations from actress Kate Bosworth and stylist Cher Coulter.
BeachMint was created by MySpace co-founder Josh Berman and Diego Berdakin to provide professional advice using an e-commerce platform. The company uses social media to offer consumers a personal approach to style.
Recommendations on JewelMint include several selections for a user, who can then use Facebook or Twitter to obtain opinions from social connections. Users are entitled to skip making a monthly purchase and avert a charge for that period.
StyleMint is dedicated to personal marketing of apparel. It is led by the fashion designs of Mary Kate and Ashley Olson.
BeachMint plans more e-commerce sites for later this year. The company intends to hire leaders for several new positions. These include customer care representatives as well as a marketing coordinator.
The new capital infusion is rumored to provide a full value for BeachMint of $150,000,000. This seems like further evidence that creating a new business tied to social networking e-commerce is still viewed as an unfolding great wave for the future of the web.
With the attraction of star power names, BeachMint’s selling channels look like winners.