1 of 3 | Zooey Deschanel arrives on the red carpet at the New York Premiere of Rock the Kasbah at AMC Loews Lincoln Square on Oct. 19, 2015 in New York City. Her L.A.-based startup HelloGiggles has been acquired by Time Inc., it was announced Monday. Photo by John Angelillo/UPI |
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NEW YORK, Oct. 20 (UPI) -- HelloGiggles, the women-friendly website co-founded by actress Zooey Deschanel, Sophia Rossi and Molly McAleer, has been acquired by Time, Inc. for a reported sum of $30 million.
The new owners of the successful Los Angeles-based startup announced the acquisition in a Monday press release. Launched in 2011, HelloGiggles reaches about 17 million unique monthly visitors and has since become an influential media platform covering everything from pop-culture to female empowerment and mindfulness.
Business Insider reports a $30 million transaction took place between Time and the HelloGiggles founders. The impressive sum is received after the website raised a less-than-memorable seed round last year by investors Michael Pierce, Pritzker Group Venture Capital and Third Wave Digital.
"With its passionate, highly-engaged audience and quality editorial voice, HelloGiggles is a great fit for our entertainment portfolio, which includes People and Entertainment Weekly," Time Inc., CEO Joe Ripp said in a statement following the acquisition. "We see the opportunity for HelloGiggles to continue to evolve and grow as a multimedia content business."
Co-founder Sophia Rossi will remain the CEO of the growing website and will report to Time's Vice President Rich Battista during her time. Actress and entrepreneur Deschanel will also remain the Chief Creative Officer of the site as it continues to operate separately from Time while now having access to its plentiful assets.
"With Time Inc. as our partner, we'll be able to expand the HelloGiggles mission and inspire and support even more young women with a safe and positive media platform," Deschanel said.
