Sweet: Sugar Inc raises $16 million Series C
Sugar Inc, the company behind a range of blogs including the popular celeb site PopSugar has raised $16 million Series C in a round funded by Sequoia.
Along withe funding, Sugar announced that it had acquired video shopping site Shopflick.com, and is entering the video business with a new division Sugar Digital Entertainment (SDE). Heading SDE is David Grant, former President of Fox TV Studios, Exec VP of the FOX Network and founder and CEO of Shopflick.com.
The company also said that it had used part of the new round to acquire shares held by NBC. Total funding for Sugar is now approx. $31 million.
The company, built on top of the original PopSugar celeb blog, describes itself today as an “online media network” which while accurate, covers for a more raw description: Sugar is a blog network, with some shopping and other things thrown in for good measure. As much as the round is nothing short of staggering, it’s also a sign that content plays have survived the recession well.
