Online Jewelry Retailer Raises $23M

Direct-to-consumer jewelry brand Mejuri has closed on a $23 million funding round, TechCrunch reports.

The company will use the money to fund offline expansion and to enter new markets. It will also focus on branding and customer experience.

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Launched in 2015, the company has raised $29 million in all.

Venture capital firm New Enterprise Associates led the new round. Other investors included Felix Capital, BDC Capital, Incite Ventures and Dash Ventures.

Mejuri has found a niche in self-purchasing millennial women.

“Mejuri’s mission really hits home for me,” TechCrunch quoted NEA partner Vanessa Larco saying.

“I noticed a shift in trends when none of my friends wanted to go to any of the traditional fine jewelry companies to purchase jewelry anymore, and I realized a lot of those big brands were in trouble.”

Read more at TechCrunch