AUrate, a New York-based fine jewelry brand, has raised $2.6 million in seed funding.
The investment came from Arab Angel Fund, Victress Capital and undisclosed angel investors.
“AUrate is taking the fine jewelry market by storm,” Omar Darwazah, general partner at Arab Angel Fund, said in a statement. “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.”
Bouchra Ezzahraoui and Sophie Kahn launched the direct-to-consumer brand in 2015 as a way to ethically source and sell fine jewelry without a retail markup and encourage “impact purchasing.”
As of now, Ezzahraoui and Kahn manufacture all the jewelry in New York City. They said the company has seen a quarterly revenue increase at an average of 300 percent over the past three quarters in addition to profitable storefronts and a strong influencer following that includes Jessica Alba, Kendall Jenner and Zoe Saldana.
“Today’s customer wants it all, and rightfully so,” Kahn said in a statement. “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. I believe this combination helped us grow at the rate that we did.”
The new investment will be used to add more members to the company’s team, push its marketing initiatives and expand its retail strategy, particularly on both the East and West coasts, where it plans to double its presence in the next year.