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Jewelry startup AUrate raises $13M

AUrate, a startup selling gold jewelry directly to consumers, announced today that it has raised $13 million in Series A funding.
The companys co-founders Bouchra Ezzahraoui and Sophie Kahn said that AUrates prices range from $50 to $3,000, but theyre really aiming for what Ezzahraoui called this new market sweet spot of $300 to $500. And while thats not exactly cheap, she said customers are getting a piece of fine jewelry made from real gold, which would normally be priced at $1,200 or more.
The jewelry is produced by local partners in New York City, and the gold comes from sustainable sources. Kahn also said while fine jewelry has traditionally been created by men for women, she designs AUrates pieces, and shes always looking for a balance between bold and feminine, which represents our women.
In addition to selling jewelry online, AUrate also operates two brick-and-mortar stores in New York, with a third under construction in Washington, D.C. And it introduced something called Curate, where the company will send up to five recommended pieces to customers, which they can try at home with no commitment.
Founded in 2015, AUrate says its online revenue has been growing consistently by 400 percent every year, while its brick-and-mortar retail business has been doubling. Also noteworthy: 40 percent of its customers return for additional purchases, and 90 percent of customers are women.
The new funding was led by Michael Platts Bluecrest Capital, with participation from Point King Capital, Arab Angel Fund and Drake Management.

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