LONDON — Fine jewelry start-up Mejuri has closed a $5 million Series A funding round, that will fuel the growth of its direct-to-consumer retail strategy.
The series was led by London-based venture capital firm, Felix Capital, also an investor in Farfetch, Goop and the Millennial-focused media platform Highsnobiety.
Real Ventures, Incite Ventures, BDC Capital Women in Technology Fund, and Dash Ventures also participated in the round.
The appeal of Mejuri lies in its modern, Millennial-minded approach to fine jewelry: It only sells direct-to-consumer, in order to establish a close relationship with its audience and keep price points more accessible. It has also been keeping its offer fresh throughout the year, by pioneering the drop model and introducing new products at the beginning of every week.
Since its launch in 2015, the brand has grown 400 percent year-over-year and sold up to 150,000 pieces of jewelry in 2017 alone.
“We’ve done a lot with little, and we consider this efficiency and attention to spend to be one of our biggest strengths,” said cofounder and chief executive officer Noura Sakkijha, highlighting that prior to this funding round, the company had only raised $1 million to get the business off the ground.
“I am inspired by entrepreneurs like Katrina Lake, who took Stitch Fix to its initial public offering with only $40 million in funding. It’s a great example to help entrepreneurs realize that they can achieve substantial growth without seeking large amounts of capital prematurely,” she added.
The brand, which has so far been focused on growing its online following and e-commerce platform, plans to use the funds to grow its network of brick-and-mortar locations. Its first store opened in Toronto in July, while a new location in New York is already in the works.