Ecommerce fine jewelry startup Mejuri last week announced the raised a $30 million CAD Series B funding round from US-based New Enterprise Associates (NEA), with participation from Imaginary, Felix Capital, BDC Capital, Incite Ventures, and Dash Ventures, according to a report from TechCrunch.
Mejuri’s team headcount sits at 120, which includes and is made up of 80 percent women.
The new funds bring Mejuri’s total money raised to $38 million CAD. With the new capital, Mejuri plans to expand its offline presence and broaden its scope beyond its largest consumer base Canada and the US, and invest in branding and customer experience, the company told TechCrunch.
“Mejuri’s mission really hits home for me,” NEA partner Vanessa Larco said in a statement obtained by TechCrunch. “I noticed a shift in trends when none of my friends wanted to go to any of the traditional fine jewelry companies to purchase jewelry anymore, and I realized a lot of those big brands were in trouble.”
Last September, Mejuri raised $5 million in a Series A, led by London-based venture firm Felix Capital, with participation from Real Ventures, Incite Ventures, BDC’s Women in Technology Fund, and Dash Ventures.
Launched in 2015 in Toronto, the founders of Mejuri aimed to create a brand for millennial women. Mejuri engages customers and micro-influencers through social media, email, and SMS, and currently boasts more than 430,000 Instagram followers.
“As we look at the brands we have backed that have strong following on Instagram, we see their mastery of the social platform as their strength,” read a blog post from Felix Capital, which led Mejuri’s Series A. “It is by no means the only channel through which they reach their customers, but it’s one where feedback loop is short, reach can be endless, and opportunity for an authentic community building significant, if done right.”
According to TechCrunch’s reporting, Mejuri’s team headcount sits at 120, which includes its 25-person in-house team, which is made up of 80 percent women, and is led by founder and former industrial engineer, Noura Sakkijha. Mejuri told TechCrunch that 30 percent of its monthly transactions come from returning customers, and 70,000 of its customers are currently on a waitlist for its products.
Image courtesy Mejuri.