AUrate, a startup that sells handcrafted authentic gold jewelry at a reasonable price, made an announcement that it has raised $13 million in Series A funding.
Bouchra Ezzahraoui and Sophie Kahn, the company’s co-founders informed that the jewelry pieces that the firm sells ranges from $50 to $3,000. However, the company is aiming for a price ranging from $300 to $500, what they called “the new market sweet spot”. Normally, any piece of fine jewelry made from real gold would be priced at $1,200 or more. Even though, the price at which they are offering its product is not exactly cheap, but is comparatively cheaper and sounds like fair pricing.
The gold is sourced sustainably and jewelry pieces are manufactured by local partners in New York City. Kahn said that she always looks for a balance between bold and feminine when it comes to designing AUrate’s pieces. The designs truly represent modern women’s taste.
Founded in 2015, AUrate sells jewelry on the online platform but also has two brick-and-mortar stores in New York and the third store is going to be launched soon in Washington, D.C. The company has introduced the concept of Curate, where it will send up to five recommended pieces for trying at home with no commitment before they buy.
The company claims that it has witnessed consistent growth of 400 percent in its online revenue every year.