Zooey Deschanel's startup Hello Giggles just got bought by Time Inc. for around $30 million

Before you go, we thought you'd like these...
Zooey Deschanel's Must Have Beauty Products



"New Girl" actress Zooey Deschanel has a startup, and that startup just got bought by Time Inc.

The Los Angeles-based startup is Hello Giggles, a general interest website for women founded in 2011, which Deschanel launched with friends Sophia Rossi and Molly McAleer.

A source with knowledge of the deal tells Business Insider the acquisition price was about $30 million — not bad considering the startup only raised a small seed round in 2014, and investors are getting about a 5X return. Those investors include Michael Pierce, Pritzker Group Venture Capital, and Third Wave Digital.

The website currently has about 16 million monthly global unique visitors according to Quantcast. Time Inc. thinks Hello Giggles will be a good addition to its entertainment portfolio, which includes People and Entertainment Weekly.

"We see the opportunity for HelloGiggles to continue to evolve and grow as a multimedia content business," Time Inc. Chairman and CEO Joe Ripp said in a release. "The site provides strategic benefits including a contributor network that unlocks access to a new pool of editorial and creative talent, an expansive audience of highly-engaged consumers and experience in branded and native content solutions."

Rossi will stay on and report to Time Inc.'s executive vice president.

NOW WATCH: How Gisele Bündchen became the highest-paid supermodel in the world

See photos of Zooey Deschanel:

7 PHOTOS
Zooey Deschanel
See Gallery
Zooey Deschanel's startup Hello Giggles just got bought by Time Inc. for around $30 million
Actress Zooey Deschanel, right, and producer Jacob Pechenik attend the after party for the premiere of the feature film "The Skeleton Twins" at the ArcLight Hollywood on Wednesday, Sept. 10, 2014 in Los Angeles. (Photo by Dan Steinberg/Invision/AP Images)
HOLLYWOOD, CA - SEPTEMBER 10: Actress Zooey Deschanel (R) and producer Jacob Pechenik attend 'The Skeleton Twins' Los Angeles premiere held at the ArcLight Hollywood on September 10, 2014 in Hollywood, California. (Photo by Tommaso Boddi/WireImage)
LOS ANGELES, CA - AUGUST 25: 66th ANNUAL PRIMETIME EMMY AWARDS -- Pictured: (l-r) Actress Zooey Deschanel and producer Jacob Pechenik arrive to the 66th Annual Primetime Emmy Awards held at the Nokia Theater on August 25, 2014. (Photo by Kevork Djansezian/NBC/NBC via Getty Images)
HOLLYWOOD, CA- SEPTEMBER 10: Actress Zooey Deschanel (R) and producer Jacob Pechenik attend 'The Skeleton Twins' Los Angeles premiere held at the ArcLight Hollywood on September 10, 2014 in Hollywood, California.(Photo by Jeffrey Mayer/WireImage)
EXCLUSIVE - Jacob Pechenik, left, and Zooey Deschanel pose in the green room at the 66th Primetime Emmy Awards at the Nokia Theatre L.A. Live on Monday, Aug. 25, 2014, in Los Angeles. (Photo by Danny Moloshok/Invision for the Television Academy/AP Images)
LOS ANGELES, CA - AUGUST 25: Zooey Deschanel and Jacob Pechenik attend the 66th annual Primetime Emmy Awards at Nokia Theatre L.A. Live on August 25, 2014 in Los Angeles, California. (Photo by Jason LaVeris/FilmMagic)
of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

More from Business Insider:
Warning sign: Tech companies of all sizes and ages are starting to have layoffs
The new kind of notification that you never want to see on your Facebook
The one thing you should do every Sunday evening to guarantee a successful week

Read Full Story

People are Reading