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.

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