INSUBCONTINENT EXCLUSIVE:
AUrate, a startup selling gold jewelry directly to consumers, announced today that it has raised $13 million in Series A funding.
The
company co-founders Bouchra Ezzahraoui and Sophie Kahn said that AUrate prices range from $50 to $3,000, but they&re really aiming for what
Ezzahraoui called &this new market sweet spot& of $300 to $500
And while that not exactly cheap, she said customers are getting a piece of fine jewelry made from real gold, which would normally be priced
at $1,200 or more.
The jewelry is produced by local partners in New York City, and the gold comes from sustainable sources
Kahn also said while fine jewelry has traditionally been created &by men for women,& she designs AUrate pieces, and she &always looking for
a balance between bold and feminine, which represents our women.&
In addition to selling jewelry online, AUrate also operates two
brick-and-mortar stores in New York, with a third under construction in Washington, D.C
And it introduced something called Curate, where the company will send up to five recommended pieces to customers, which they can try at
home with no commitment.
Founded in 2015, AUrate says its online revenue has been growing consistently by 400 percent every year, while its
brick-and-mortar retail business has been doubling
Also noteworthy: 40 percent of its customers return for additional purchases, and 90 percent of customers are women.
The new funding was led
by Michael Platt Bluecrest Capital, with participation from Point King Capital, Arab Angel Fund and Drake Management.
Mejuri raises $23M
Series B to serve women buying jewelry for themselves
