Jewelery platform Gemist raises $3 million in funding round
U.S.-based fine jewelry brand Gemist has raised $3 million in a new funding round.
The funding round announced on Wednesday was led by Entrada Ventures and co-investor De Beers Group Ventures. The investment is expected to allow Gemist to continue to scale its growth as an experiential jewelry platform in the digital space.
“As a business set out to innovate the fine jewelry shopping experience, we have been fortunate to receive the continued support of De Beers and we stand to benefit enormously from our new partnership with Entrada Ventures,” said Gemist founder and CEO Madeline Fraser.
“The combined vision and expertise of these two partners will guide Gemist as we continue our mission to disrupt the fine jewelry industry through technology.”
Gemist utilizes design technology and a unique try-on model that is revolutionizing and customizing the jewelry shopping experience. Its jewelry is handmade using responsibly-sourced materials and ethical practices in Los Angeles.
As part of the investment, Entrada Ventures managing partner Julie Henley McNamara will join the Gemist board alongside De Beers group executive vice-president of consumer and brands, Stephen Lussier.
“Gemist is a transformative business that brings the traditional jewelry industry online for today’s modern consumer,” said McNamara. “We look forward to establishing Gemist as a leader in the digital jewelry space, and we fervently believe in their ability to alter consumer shopping behavior.”
“Gemist has tremendous growth potential and has begun to enhance the reach and scope of the digital jewelry industry through its marriage of customization technology and try-on model,” added Lussier. “De Beers looks forward to continued collaboration with Gemist as we highlight the positive environmental and social impact that natural diamonds deliver for the people and places where they are discovered.”
Gemist is currently backed by some of the most well-recognized venture capital firms in the consumer space, including Hawke Ventures, Luma Launch, Lightspeed Scout Ventures, Mana Ventures, Spacestation Ventures, Kinsley Partners, Lunch Partners, and Canaan Scout Fund.
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