Toronto-based direct-to-consumer jewelry startup Mejuri has raised $23 million in Series B led by New Enterprise Associates, one of the leading and oldest American VC firm. The round was also joined by Felix Capital, Net-a-Porter, Incite Ventures, BDC Capital’s Women in Technology Venture Fund, and Amman-based DASH Ventures. DASH had first invested in Mejuri in its seed round in 2016, followed in its $5 million Series A in September last year and now joined the Series B as well. Kuwait-based Arzan VC is also one of the early investors in Mejuri.
Founded in 2015 by Noura Sakkijha, a third-generation Jordanian jeweler, and her husband Majed Masad, Mejuri designs, manufactures and sells minimalistic high-quality fine jewelry directly to customers through its website that receives close to 800,000 visitors every month. The startup also has two offline stores in Toronto & New York City where customers can try and buy the jewelry.
According to its website, Mejuri currently has two manufacturing facilities – one in Toronto and the other one in Seoul, Korea. The startup uses high-quality materials including 14k gold, sterling silver, gold vermeil, diamonds, gemstones, and pearls to manufacture modern and minimalistic earrings, necklaces, bracelets, rings, and different other products. According to TechCrunch, Mejuri has released1,500 designs since its launch. Mejuri produces everything in small quantities and that’s how it is different from fast fashion.