Everybody Into The Venture Capital Pool
Sure, Martha Stewart is the person to go to for the perfect pistachio shortbread recipe. Now, she's a resource for something else: venture capital. In April, the fashion doyenne, along with venture firm Sudbury Group and other investors, agreed to plunk down $37.5 million to remake the Fragrance Counter Web site into a portal for health and beauty supplies. Stewart will sit on the board of what's now called ibeauty.com. "The goal is to make it the Amazon.com of the prestige cosmetics, fragrance, and skin-care category," says Dr. Samuel Waksal, the head of the Sudbury Group, who organized the investment group.
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