Gwyneth Paltrow expands Goop with $10M investment
Gwyneth Paltrow is expanding Goop after receiving $10 million in funding.
The 43-year-old actress’ lifestyle newsletter – which she launched in 2008 – will be given a boost after receiving money from three investors, NEA, Felix Capital and 14W Venture Partners, which the ‘Mortdecai’ star plans on spending on improving the website and opening an office in Los Angeles.
She told the New York Post newspaper’s Page Six column: "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]."
The ‘Iron Man 3’ actress – who has children Apple, 12, and Moses, 10, with ex-husband Chris Martin – also plans on launching a clothing line alongside Goop after the success of her skin care range, which she brought out in February.
NEA’s head of investment, Tony Florence, is excited to be helping the blonde beauty realise her dreams for the business.
He said: "[I am] thrilled with Goop’s significant progress as a successful business, and are excited to be accelerating our investment behind Gwyneth as she works to realise her vision of building Goop into a global, next generation, direct-to-consumer platform."
Gwyneth expressed her desire to expand the brand last month – but felt she would eventually have to walk away in order to boost its success.
She said: "In order to build the brand I want to build, its scalability is limited if I connect it to the band.
"So I always think how can I grow the brand, how can I separate myself from the brand and I think it’s going to be more its own brand.
"More and more I would like it to be its own brand – my dream is that one day no one will remember that I had anything to do with it."
So far, ventures on the site have included vaginal steaming, cupping, and surviving on a $29 food budget, and the actress enjoys "pushing boundaries" and causing controversy with their content.
She said: "We like to push boundaries, we like to move the needle, and we are not afraid to create some controversy once in a while."
