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Direct-to-Consumer Fine Jewelry Brand Closes $5M in Funding
Mejuri, which releases new product weekly, will use the capital to launch additional brick-and-mortar showrooms.
Mejuri just secured $5 million in a Series A financing round and will use the capital to open more showrooms.
Toronto—Direct-to-consumer fine jewelry brand Mejuri just closed a $5 million Series A financing round.
It was led by London-based venture firm Felix Capital. Real Ventures, Incite Ventures, BDC Capital Women in Technology Fund and Dash Ventures also participated.
Noura Sakkijha and Maj Masad launched Mejuri in 2015 with millennial women in mind.
It quickly gained notoriety and plenty of press for bringing the drop model to the traditional fine jewelry industry, meaning that instead of large releases every season, Mejuri introduces new products every Monday, keeping its product mix fresh and current.
Prior to this round, Mejuri had only raised $1 million in funding, but the brand has managed plenty of growth on its own.
Since launch, Mejuri has grown 400 percent in sales year-over-year through organic marketing and its social media strategy, it said in a press release, reaching more than 244,000 organic and highly engaged Instagram followers.
The brand also noted it has sold 150,000 pieces of jewelry in the past year and that repeat customers account for more than 35 percent of its monthly transactions.
It attributes much of its success not only to regularly offering fresh product but also to communicating with its customers and creating a community that believes in buying luxury anytime versus just for occasions.
“We've done a lot with little, and we consider this efficiency and attention to spend to be one of our biggest strengths,” CEO Sakkijha said. “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.”
Mejuri will use the funds from the Series A round to further connect with customers in person by opening more of its own brick-and-mortar showrooms.
Currently there is a flagship showroom in Toronto, to be followed soon by a New York City location, though there were no additional details available about its opening date or upcoming openings beyond that as of press time.
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