Gemvara operates an online custom jewelry platform offering about 1.5 million unique design options based on 1,500 designs, customizable with 26 different gemstones and 8 precious metals. Final designs are assembled in the U.S. using just-in-time manufacturing, and the site displays computer-generated renderings rather than photographs. The company moved to an online-only model after abandoning in-store kiosks in 2010. Gemvara does not disclose current revenue figures, though it was reported to be on track to triple revenues from “several million” in 2010. Management says the new funding will be used to enhance the customer shopping experience, introduce new products and categories, improve rendering technology, expand customization abilities, and pursue potential acquisitions and partnerships. CEO and founder Matt Lauzon has stated the company’s mission is to build more loyal customers than any other jeweler. Gemvara is an online retailer that lets customers design and customize fine jewelry. The company offers more than 1,500 original designs that can be customized from 26 gemstones and 8 precious metals, yielding millions of design possibilities. Its product mix includes gemstone engagement rings, men’s rings, initial necklaces, stackable rings and other pieces. Each piece is handcrafted to order in the U.S., with production in New York, Boston and other U.S. cities. Led by CEO and Founder Matt Lauzon, Gemvara focuses on highly personalized customer service. The company recently closed a $15M Series C to support product and service expansion. Gemvara operates a consumer-facing site that allows customers to create custom jewelry from artist-submitted designs and customize pieces using multiple metals and gemstones. The platform offers seven metals and sixteen gemstones (with options expanding) and manufactures each piece just-in-time. Artists and designers earn commissions on sales, typically 1–10% and usually around 5%. Earlier this year the company renamed itself from Paragon Lake and shifted focus from in-store kiosks to the online marketplace while continuing to support nearly fifty kiosk partners. Gemvara is Boston-based and has 22 employees. The company sees a larger opportunity in the consumer site and is expanding its customization options accordingly.

Total raised

$45M

Funding rounds

3

Latest round

Series D

Latest activity

Jun 2012