MENĒ RAISES UP TO $21 MILLION IN GROWTH CAPITAL IN SERIES A FUNDING ROUND
by Brad Szela
Menē Raises up to $21 Million in Growth Capital in Series A Funding Round
PARIS, Dec. 19, 2017 /CNW/ - Menē Inc. ("Menē", "Mene", or "the Company"), the first online 24 karat luxury jewelry brand, today announced the completion of up to $21 million in growth capital to fuel the continued development of the business which launched under an invitation-only beta on November 15, 2017.
The new round was led by several institutional and high net worth investors from Canada, Europe, Asia and the U.S. Prior to this round, Menē had raised seed capital from its founders and Goldmoney Inc. (TSX:XAU), which maintains a 32% equity ownership stake.
This significant new round of funding confirms investor confidence in Menē's unique and disruptive business model, which is re-informing the western consumer of the concept of 24 karat investment jewelry. Menē's online platform launched three weeks ago on an invitation-only basis with limited inventory and has already seen consistently increasing demand. The "beta" phase has provided clear insight into the potential Menē has to revolutionize the $260 billion jewelry industry.
Over the last two years, Menē has built-out a vertically-integrated business infrastructure which encompasses in-house design, manufacturing, software engineering, marketing, and distribution. The company operates its own fulfillment centre in partnership with The Brink's Company and is capable of shipping jewelry to consumers in 80 countries within 3 days and with full insurance.
The new funds will support the next phase of growth for Menē, which will see further investments in the company's manufacturing and distribution infrastructure. These funds will also be used for customer acquisition programs in both online and offline channels. To that end, the company is pleased to report that Anja Rubik has joined Menē as investor, creative advisor, and the face of the brand for the latest advertorial campaign along with Andres Velencoso.
The company will also lay the foundation for its offline retail business model, which will be unveiled in early 2018. The new model will funnel customer foot traffic from a global network of luxury boutique-style Menē Shops into its centralized web app and distribution capabilities. The critical component of the physical arm of the Menē business model will be its specially-engineered jewelry vitrines, which combine modern luxury presentation with technical real-time pricing for each item on display.
"I am honored by the overwhelmingly positive support our investors provided as we went to market to raise the first outside funding for Menē. Of all the companies in my personal portfolio, I am most excited about Menē's ability to restore the relationship between luxury and investment." said Menē Inc. CEO Roy Sebag. "I'm looking forward to the great sociocultural experiment that is about to unfold, as we will hopefully prove that 24 karat jewelry can be an investment asset while simultaneously exemplifying the emotional and atemporal intangibility universally found in the exceptional craftsmanship and beauty of luxury jewelry."
"Gold, like art, is eternal." said Chief Artistic Officer and Co-Founder Diana Widmaier-Picasso. "I believe that jewelry sculpted in pure 24 karat gold will encourage our collectors to revive the beautiful, ancient tradition of one generation passing treasured pieces to the next."
"I believe that the future of luxury is transparency," added Creative Advisor Anja Rubik. "Essentially, what will differentiate luxury brands moving forward, is their ability to be transparent about their motivation, products, and their origin. Menē is fundamentally different. There is a value to the jewelry beyond the design – and that is the value and unique properties of the material from which it is crafted – 24 karat gold."
About Menē Menē designs, manufactures, and markets pure 24 karat gold and platinum investment jewelry™ that is sold direct-to-consumer in 90 countries. Through mene.com, customers can buy, sell, and exchange Menē jewelry by gram weight at the prevailing market prices for gold and platinum plus a transparently disclosed design and manufacturing fee.
Menē was founded by Roy Sebag and Diana W. Picasso with a mission to restore the ancient tradition of jewelry as a store of enduring value by combining innovative technology with timeless design.