The company says it's growing rapidly.

Online jeweler JamesAllen.com has received a $140 million investment from San Francisco-based private equity firm Francisco Partners.

The funding will "further accelerate the company’s rapid expansion," according to a press release from James Allen parent R2Net.

"We are thrilled to partner with the team at Francisco Partners to continue our journey of disrupting the diamond industry," said R2Net’s co-founder and CEO Oded Edelman. "We have a shared vision that consumers deserve a better diamond buying experience and we are demystifying the process."

Although the size of Francisco Partners' stake in James Allen was not revealed, the New York Post reports that it is close to 50 percent.

According to the release, James Allen has tripled in size in the last two years.

“What we love about JamesAllen.com is they are using innovative technology to bring simplicity, vast selection, pricing transparency and overall value to the process by letting consumers shop directly for the exact diamond they want, but at a much lower price," said Matt Spetzler, partner at Francisco Partners. 

Read the full press release.

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