Its jewelry is handmade in NY.
NEW YORK — AUrate, a New York-based online jewelry startup, has raised $2.62 million in capital — and it will use some of the money to grow its staff and expand its brick-and-mortar presence.
Bouchra Ezzahraoui, co-founder of the company, said in a press release: "The capital will enable us to invest in hiring talent necessary to scale and grow our business as well as expand AUrate’s offerings and vision to provide a place for people to purchase contemporary high-quality, ethically sourced, and reasonably priced jewelry handmade in New York."
Forbes reports that the finding comes from Victress Capital and Arab Angel, as well as additional anonymous sources.
The company was launched in December 2015 by Ezzahraoui and Sophie Kahn, who serve as co-CEOs.
According to the release, the company's plans include expansion of its team, honing its focus on marketing efforts and opening new stores. Forbes reports that that could mean more than two dozen new employees over the next year along with two new stores in New York, along with "pointed West Coast expansion, starting in Los Angeles."
"With one permanent location in NY, their unique pop-ups that last several months, and their commitment to social impact, AUrate is positioning themselves to lead the market in transforming the fine jewelry industry," the release stated.