- AUrate — a direct-to-consumer fine jewelry company founded by Bouchra Ezzahraoui and Sophie Kahn — recently raised $13 million
New York-based direct-to-consumer fine jewelry company AUrate — which was founded by Bouchra Ezzahraoui and Sophie Kahn — recently announced it raised $13 million in Series A funding led by Michael Platt of BlueCrest Capital. Point King Capital, Arab Angel Fund and Drake Management also participated in the round.
The Series A round is considered the largest in the fine jewelry category to date and is one of the largest done in the consumer space. With the funding round, AUrate plans to expand its fast-growing online and offline operations and make direct investments in technology.
Ezzahraoui and Kahn soft launched the company in 2015 while they were holding full-time jobs at Goldman Sachs and Marc Jacobs, respectively. And then AUrate officially launched in 2017 with both online and offline stores, which makes the company the first brand in the D2C fine jewelry space to be an omnichannel business since conception.
And from the start, AUrate has also been committed to sourcing all materials ethically without skimping on cut, clarity, durability or design. As the company started to grow, the co-founders secured $2.6 million in seed funding in order to hire a brand team and give them the ability to effectively compete against brands like Tiffany & Co and Cartier.
AUrate’s online revenues have grown by a consistent 400% year-over-year while retail doubled. These sales are driven by both new and existing customers. And the company is profitable.
The founders launched the company due to the frustration they faced with current offerings. And with a D2C model and an obsession with customers, they can truly listen and adapt to the needs of the market.
AUrate offers the same quality, craftsmanship, and design from the old luxury world, but it also provides transparency, accessibility, communication, and innovation from the new. As a result, AUrate has been able to win women over across the world along with a wide range of ages and backgrounds. About 90% of AUrate’s customers are women and more than 40% return.
This round of funding will be used for enhancing profitability through growing all channels of the business and double down on what has been working.
This round of funding will be used for enhancing profitability through growing all channels of the business and double down on what has been working.
For example, AUrate is planning to grow its online business by expanding its data science team and create an even better experience for customers. And AUrate is going to push for store expansion strategies in-turn establishing an unparalleled omnichannel experience in the space.
And AUrate is also going to expand internationally and strengthen its leadership position via new marketing initiatives and introduce new products.
AUrate also runs a unique try-at-home platform called Curate by AUrate — which is considered the first-ever styling box in the fine jewelry space.
“I am committed to investing in founders who are strong operators and in companies that are category disruptors. By putting the customer at the core of their strategy, Bouchra and Sophie have taken the D2C fine jewelry market by storm and, since 2017, have created a brand that has been able to brilliantly lead the charge in the category,” said Platt — who is a hedge fund manager, co-founder, and CEO of BlueCrest Capital Management. “AUrate’s robust revenue growth, retention, and loyalty are unparalleled, and I truly see the company as (re)defining the jewelry luxury 2.0 space for the next generation of women.”
