JewelStreet.com sparkles with cash from Envestors
JewelStreet, the surging jeweller marketplace set up to provide a fair deal for designers, has raised £465,000 to recruit more online customers and prepare for international rollout. The sum includes £350,000 of equity raised through Envestors Limited, the UK’s leading private investor network.
Launched in September 2012, JewelStreet.com boasts 12,500 ‘live’ products from more than 250 brands and designers thanks to its robust, open-source technology. Designers love the platform – they benefit from marketing, payment processing and secure messaging; plus 75% of the retail price instead of the usual 35%, so they can pass on discounts to shoppers.
A management team combining design creativity with marketing savvy and IT skill has grown the business with popular online ‘events’ and sales such as London Jewellery Week. Now the firm is targeting customers with its own jewellery sales and pop-up ‘eShop’ sites for vendors that are powered by its core technology.
“Picture 250 jewellery boutiques on a single street and you’ve pictured JewelStreet,” said Managing Director Rob Passmore, a former Saatchi & Saatchi executive. “Envestors members immediately saw the opportunity of applying a successful distribution channel to a high-margin sector lacking a dedicated jewellery marketplace.”
The UK jewellery market has been valued at £4.8 billion and is forecast to grow strongly. As with fashion and travel, an increasing percentage of jewellery is sold online.
The lead investor is Polygon Group, the Guernsey-based investment company. Polygon Chairman Martin Belcher, who will also join the JewelStreet Board, said: “The JewelStreet.com team have a clear vision as to how JewelStreet.com will change the way people purchase jewellery. We believe JewelStreet.com will be able to take a strong market position in the $50bn global jewellery sector.”
Nick Taylor, Director and co-founder of Envestors, said: “We were able to identify and mobilise investment from a small group of experienced investors who will also be represented on the board to guide the company’s continued success.”
Since 2004, Envestors has helped UK companies raise over £80 million and grown its network to over 2,000 investors. Its Myedash.com‚Ñ¢ digital platform enables sophisticated investors to identify, interact and finance growth of high growth businesses in a secure environment.