Direct-to-consumer fine jewelry brand AUrate has closed a Series A round of fund-raising totaling $13 million.
The brand, launched in 2017, was founded by former Goldman Sachs trader Bouchra Ezzahraoui and Marc Jacobs strategist Sophie Kahn. They sell streamlined gold and precious stone designs largely priced under $1,200, with the average piece costing around $250. Product is retailed through AUrate’s web site as well as the brand’s stand-alone boutiques in Williamsburg, Brooklyn, and Washington, D.C.
AUrate’s Series A funding is led by Bluecrest Capital with additional contributions from Point King Capital, Arab Angel Fund and Drake Management. Funds will be used to develop a data science team, grow AUrate’s retail presence and expand its product offering.
“This funding round will help execute on our vision across our own proprietary channels and catapult the company to explosive growth while maintaining financial profitability,” Ezzahraoui said of AUrate’s investment.
Kahn added: “Putting our woman in the center of our strategy is helping us build a real brand focused on high-quality offerings that is gearing away from the commoditized and fast-fashion alternatives. We will iterate on our customers’ feedback data analytics further with more sophisticated technology in place and a strong product strategy.”
Presently, the label says 90 percent of its consumers are self-purchasing women who exhibit a 40 percent repeat purchase rate.