NEW YORK, NY (June 29, 2017) – AUrate, the direct-to-consumer fine jewelry brand offering ethically sourced, luxury jewels without the retail markup, today announces a $2.6 million Seed funding round. Participants in the round include Arab Angel Fund, Victress Capital along with several angel investors, whom will remain anonymous.
“AUrate is taking the fine jewelry market by storm,” said Omar Darwazah, General Partner at Arab Angel Fund. “Laser focused on user experience, the company’s direct-to-consumer model is helping “democratize” the gold jewelry market and is already disrupting the traditional model for the luxury category. The company’s “impact purchasing” strategy places it in the same tier as Casper and Warby Parker but for fine jewelry. I’m excited to add AUrate to Arab Angel Fund’s growing direct-to-consumer portfolio of companies which today includes Tamara Mellon Brand and Stowaway Cosmetics.”
The new funding comes at a time of rapid growth for AUrate. The company launched in 2015 with their initial collection selling out in a matter of days. Since then, AUrate has seen a quarterly revenue increase at an average of 300% over the past three quarters, in addition to profitable store fronts and a strong influencer following, including Jessica Alba, Kendall Jenner and Zoe Saldana.
This recent funding enables AUrate to expand its retail strategy, with plans to double its presence in the next 12-months on both east and west coasts. Thus far, AUrate has operated with no marketing spend; the funds will allow the brand to develop their internal marketing department. Hiring is also a significant focus, as the brand plans to add approximately 25 employees to its team over the next 12-months.
“Today’s customer wants it all, and rightfully so. The product needs to look great, the quality needs to be impeccable, the value needs to be sharp, and the brand needs to have a positive impact on the wider world,” said Sophie Kahn, Co-founder of AUrate. “I believe this combination helped us grow at the rate that we did.”
“We don’t believe in cutting corners, rather, we found a smarter way to do things and customers have taken notice,” said Bouchra Ezzahraoui, Co-founder of AUrate. “This capital will allow us to continue providing customers an innovative, seamless experience when it comes to their jewelry purchases.”
“We look for strong, tenacious and driven female founders — Bouchra and Sophie are all of these and they are extremely intelligent with complementary skill sets; we were able to check that box in the first 60 seconds of meeting them,” said Lori Cashman, Partner at Victress Capital whose portfolio includes brands like Daily Harvest, The Nue Co., among many others.
For more information or to shop the collection, please visit: www.auratenewyork.com.
About AUrate
AUrate is the premier, direct-to-consumer fine jewelry brand offering ethically sourced, luxury jewels without the retail markup. Founded in 2015 by Bouchra Ezzahraoui and Sophie Kahn, the company seeks to democratize the fine jewelry industry through its online driven model, accessible price points and social impact strategy. All AUrate jewelry is designed and manufactured in New York City. For additional information, please visit www.auratenewyork.com.
About Arab Angel Fund
Arab Angel Fund is an early stage venture capital firm focused on “Seed” and “Series A” investment opportunities with companies that have international expansion potential. Arab Angel is a strategic investment firm that provides unprecedented access to brilliant entrepreneurs seeking to enter the Gulf Cooperation Council (GCC), larger Middle East & North Africa (MENA), and Western Asia markets. For additional information, please visit www.arabangel.vc.
About Victress Capital
Victress Capital is a forum of female business leaders who want to invest in and support women-led businesses with high-growth potential. For additional information, please visit www.victresscapital.com.
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