Tuesday 04 September 2018 3:02 pm

Felix Capital leads $5m Series A financing round for online jewellery brand Mejuri

Jewellery retailer Mejuri has closed a $5m (£3.89m) Series A financing round led by London-based venture firm Felix Capital.

Real Ventures, Incite Ventures, BDC Capital Women in Technology Fund, and Dash Ventures also participated in the round.

The funding will allow the digital brand to establish more physical stores following the opening of its first showroom in Toronto, Canada.

Prior to this round the direct-to-customer jewellery brand, which prides itself on high quality with low price mark-ups, had only raised $1m in funding.

Felix Capital principal Sasha Astafyeva said: "Mejuri is a brand we have been watching for some time – their mastery of the digital space has engendered their impressive success to date and we are very happy to be able to support them to take the next step in their growth.

"We are proud to have worked with the likes of Farfetch, The Business of Fashion and Goop since their early days so have high hopes for Mejuri."

Since launching in 2015, Toronto-based Mejuri, which has an 80 per cent female team, has grown 400 per cent year-on-year and has sold 150,000 accessories over the last year.

The brand's strategy has been focused online, particularly using social media platforms, and it has developed 300,000 organic Instagram followers.

Instead of traditional seasonal collections Mejuri releases new products every Monday to keep the company in constant communication with its customer base.

“We’ve done a lot with little, and we consider this efficiency and attention to spend to be one of our biggest strengths,” co-founder and chief executive Noura Sakkijha said.

“I am inspired by entrepreneurs like Katrina Lake, who took Stitch Fix to its initial public offering with only $40m in funding.

"It’s a great example to help entrepreneurs realise that they can achieve substantial growth without seeking large amounts of capital prematurely.”