Cindy Crawford is providing a financial boost to Canadian blog turned lifestyle website, The Coveteur.
While Crawford is already a member of the company’s board, it is her first investment with The Coveteur. It provides her with a minority stake, but the exact amount has not been disclosed.
The supermodel cited her enjoyment of the company as a reason for investment, but also that it was a “great business.”
“Their growth has been fantastic and I’m thrilled to be a small part of their next chapter,” Crawford said. “By investing in them, I hope to help them reach new global consumers who, like me, are passionate about discovering new products and the people behind them.”
Having started as a blog about influencers and street-style personalities in 2011, The Coveteur has evolved into a lifestyle website about fashion, beauty and wellness. Its revenue has increased an average of more than 60 per cent over the last three years, during which Warren Webster joined as the new chief executive officer.
“As great products and great content converge, there are few people as qualified to help guide us as Cindy Crawford,” Webster said. “She has an amazing viewpoint on style, culture and business.”
The Coveteur also recently expanded into e-commerce, which is set to expand and offer more revenue and collaborations. While Crawford’s investment is not part of a formal funding round and is expected to be put towards an expansion of the e-commerce arm, they are leaning towards a more formal route, with “preliminary conversations” already taking place.
The last investors were Drake and Toronto-based investor, BrandProject in 2012, with The Coveteur referring to them as only a “small seel round.”
