Menē jewelry, a company that transparently sells gold and platinum pieces for their intrinsic investment value, has raised $21 million in its Series A round of funding.
The company — launched this November with GoldMoney Inc. chief executive officer Roy Sebag as cofounder, Diana Widmaier-Picasso as chief artistic officer and cofounder, and Anja Rubik as creative advisor — is looking to expand its resonance. With this funding, Menē will further its direct-to-consumer strategy with a physical retail presence. Presently the brand sells exclusively through its own e-commerce site.
Menē sells pure 24-karat gold and platinum, sculpted into jewelry items of Widmaier-Picasso and Rubik’s design. Each item is assigned a price for its metal weight, with an added nominal fee for design, merchandising and personnel costs.
“It was shocking to me that people buy jewelry that’s branded as gold, when it’s only 75 percent gold alloy and is 10 or 20 times higher than what you would pay for the pure gold bouillon itself,” Sebag said of his motivation to found the company. The brand sells an assortment of rings, necklaces, earrings, bracelets and pendants.
He pointed to how gold jewelry in eastern countries such as India and China is weighed in-store for its price, as the inspiration for the brand’s laurels: “I founded Bitgold and I think if we have seen anything in the last decade, we’ve seen start-ups succeed when what they’ve done is show the consumer a better way of doing something or provided them with information that they were not privy to. They then feel empowered with this information.”
The company’s products are manufactured in its own New Jersey facility. Sebag declined to provide sales data for the company’s first few months of business.
Sebag has experience in the gold exchange market, as the founder of GoldMoney Inc. — a company that enables consumers to digitally purchase and trade gold assets. GoldMoney Inc. — listed on the Toronto Stock Exchange — serves as the parent company for Menē, and therefore the brand will begin to report its sales on a quarterly basis.
Menē’s first round of funding includes investments from a suite of global entities, said the company. It declined to reveal their identities.