ICON has advised on the funding round for the rapidly growing online marketplace JewelStreet.
JewelStreet was co-founded by ex Saatchi & Saatchi internet marketer, Rob Passmore; industry renowned goldsmith, jewellery designer and retailer, Mike Taylor; and IT whizz Andy Jones, who has designed cutting-edge technology platforms for the likes of Walt Disney, Nomura and UBS.
Together they are revolutionising the £4.9 billion UK jewellery industry by curating a collection of the world’s best designers and brands on a trusted platform direct to the customer.
Brands and designers on JewelStreet benefit from a new channel to market, gaining exposure to a large, fast-growing audience as well as receiving a much fairer share of the end RRP compared to margins received through traditional retail channels.
JewelStreet has attracted over 250 brands and designers offering more than 12,000 pieces of jewellery. Customers benefit from the quality, choice, no-quibble-returns and lowest price guarantee of a trusted ecommerce site.
JewelStreet’s successful launch and subsequent growth in the UK market is the start of a much larger plan to roll-out the platform internationally and take existing brands and designers to new customers in new geographies as well as bringing quality overseas designers and brands to customers.
Commenting on the funding, co-founder and CEO Rob Passmore said, “We are seeing a radical change in the way jewellery is being bought. We can give customers access to the brands and designers not available anywhere else in one place, online or offline. This funding provides us with the capital required to continue to grow this marketplace for engaging and selling to a wide audience. We see ourselves as the Net-a-Porter and FarFetch for jewellery brands and designers.”
The round was led by a family office and a syndicate of private investors from Guernsey.
For more information on JewelSteet head to www.JewelStreet.com