Less than four years after securing £188,120 through its first Crowdcube campaign, online marketplace JewelStreet has returned to the equity crowdfunding platform, seeking £300,000 in additional funding. The company reported that it raised £130,150 from nearly 20 shareholders prior to the launch of its latest funding round.
Founded in 2012, JewelStreet stated it “champions” independent jewelry designs and helps them reach new audience through a single online marketplace. Its platform offers jewelry lovers a selection of multi-band jewelry designs. According to JewelStreet, repeated visitors accounted for more than 65% of jewelry sales on its site in 2017. Most recently, the company won the Gold Trusted Service Award from customer review website, Feefo.
“In 2017 we’ve seen organic traffic increase 112.6% and order volumes up 40.1%, growing in each successive quarter. In February 2017 the business completed a transition to a new management team and secured additional angel funding in April and November 2017 of £300,000 to help drive growth.”
JewelStreet also noted previously received £113,000 from Plymouth University Growth Fund to help grow its platform concept. Funds from the latest Crowdcube round will be used to continue the growth of JewelStreet’s platform. Speaking about while investors should consider pitching into the campaign, majority shareholder of JewelStreet, Paul Fraser, stated:
“I think specialist marketplaces are the future, with the jewelry market being very fragmented, and ready for disruption, and JewelStreet has the solution. Jewellery is a £250B plus global market, with estimates of a million plus jewelry designers across the World, so the scale and opportunity is immense.”
The funding round is currently scheduled to close at the end of May.
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