Gemvara Inc., an online retailer of customer-designed fine jewelry, has closed on a $15 million round of third-round funding led by Balderton Capital.
This story first appeared in the April 5, 2011 issue of WWD. Subscribe Today.
Balderton Capital is one of Europe’s largest venture capital firms. The latest round of funding includes participation from existing investors Highland Capital Partners and Canaan Partners. Highland is also an investor in Barcelona-based online private-sales club Privalia.
Gemvara said it plans to use the capital to further enhance its jewelry shopping experience, expand the breadth of merchandise featured on its platform and continue providing highly personalized customer service.
The first two rounds of financing raised more than $10 million.
Based in Lexington, Mass., Gemvara was launched in February 2010.
The firm hand-selects high-quality conflict-free natural gems and produces each piece by hand in the U.S. Customers at the site pick the design of choice and then choose the gem and metal preferred to suit their styles and budgets. Orders take about three weeks to be filled and delivered.
The firm’s name is inspired by the word “vara,” ancient Sanskrit for “wish.”