Trinity Ventures, NEA, Stanford, and Anthem Ventures Invest $10 Million in BeachMint

Based in Santa Monica, California, BeachMint is a social commerce company which was recently created by one of the cofounders of MySpace, Josh Berman, who is a veteran entrepreneur in the tech industry. On December 27, 2010, BeachMint announced that it has closed a funding amount of $10 million from three major investors, Trinity Ventures, Stanford, NEA, and Anthem Ventures. BeachMint is also known under the name of JewelMint and has been a website which is oriented to jewelry and has been endorsed by such well known stars, such as Cher and Kate Bosworth and displays jewelry by them.

How BeachMint works is that it allows women to look and choose their prefered fashion styles that they can choose from. Joining BeachMint is relatively easy and women can also look at jewelry designs, which they can purchase. Women can also like the BeachMint site to their Facebook page.

Proceeds from this round of funding will go to the expansion and growth of BeachMint and allow BeachMint to expand its inventory. With the advance of different social networks and with social networks rapidly growing in popularity, BeaqchMint is expected to make over $175 million in sales by the end of the first quarter of 2011.

As part of the condition of this round of funding, Patricia Nakache of Trinity Ventures will join the company’s board of directors. BeachMint’s executives are very excited to have Trinity Ventures on board because not only will the vc firm provide the company with the necessary funding, but also the much needed expertise in the e-commerce sector.

Trinity Ventures is a vc firm that primarily invests in early stage companies in the tech or internet industries. The investor partners at Trinity are also very dedicated to the entrepreneurs the firm invests in. Other companies in Trinity’s portfolio include 21Vianet, 24/7 Real Media, Affinity Labs, Aruba Wireless Networks, and others.

With offices in the United States, India, and China, NEA is one of the world’s major venture capital firms that has over $11 billion in committed capital to invest in companies who are primarily in the IT, healthcare, and energy technology industries. With a slogan “Dare to dream big,” NEA has invested in over 650 companies and has seen over 165 companies off to IPOs. Some other companies in NEA’s portfolio include 23andme, 3com, 3jam, Actelis Networks, Antenna Software, and others.

Anthem Ventures is another prominent vc firm with over 50 years of investing experience. Anthem primarily invests in early stage companies in the tech industry and the investing partners of the firm have successfully founded tech companies, some of which have become household names. Some other companies in Anthem’s portfolio include Audysey, Axiom Micro-Devices, Blurb, BuzzMedia, CoCoDot, Entropic Communications, and others.