When it comes to jewelry, AUrate has a motto: “You shouldn’t have to choose between high quality, fair pricing and doing good.”
That combination has made the NYC-based brand a favorite of celebrities, influencers and everyday cool girls alike. Now, the VC world is taking note: Today, AUrate announced it had raised $13 million in Series A funding.
The funding was led by Bluecrest Capital, with participation also coming from Point King Capital, Arab Angel Fund and Drake Management. The Series A builds on a June 2017 Seed Round and brings AUrate’s funding total to $15.6 million.
Co-founders Bouchra Ezzahraoui and Sophie Kahn started the company in 2015 with the goal of offering sustainably created jewelry that was high-quality, yet trendy in design. The result was AUrate’s in-house designed and crafted pieces, made with materials like 100 percent recycled gold, certified conflict-free diamonds and pearls sourced from family farms.
The concept has hit a sweet spot with consumers, who have boosted AUrate’s online revenue growth to 400 percent year-over-year. The brand’s two brick-and-mortar locations (one here in NYC, and the other in D.C.) have also managed to consistently double their revenue.
The Series A funding round indicates that Ezzahraoui and Kahn are not resting on their laurels. According to a statement on the funding, AUrate plans to grow “all channels” of the business and double down on “what’s been working.”
The game plan includes building out AUrate’s data science team, in order to enhance the overall customer experience at all stages. In addition, AUrate will be investing in its brick-and-mortar presence, and build out a more omnichannel experience for shoppers.
AUrate’s Series A builds on a recent string of direct-to-consumer jewelry and accessories-oriented brands making their way up the e-commerce ladder. In April, Toronto-based Mejuri raised a $23 million Series B. Other companies like Diamond Foundry and BaubleBar have also raised significant VC funds.
