Lexington, MA -- April 7, 2010 -- Gemvara, Inc., an e-commerce innovator for custom jewelry, today announced it has raised $5.2 million in a Series B financing led by current venture investors, Highland Capital Partners and Canaan Partners. The company plans to use the capital to further improve the quality of their consumer experience and expand strategic marketing initiatives.
Originally founded in 2007 as Paragon Lake by entrepreneur Matt Lauzon, the company was rebranded in 2010 as Gemvara, the world's first site for creating custom designer gemstone jewelry. Gemvara's sophisticated online designer offers consumers a simple ‘click to create' virtual model for customizing jewelry that has dramatically improved upon traditional methods for buying and selling jewelry online. This second round of financing will support Gemvara as the company rolls out mass customization to the designer jewelry market for the first time.
"We've been pleased since launching with the number of visitors to Gemvara and the number of orders those visitors have placed," company founder Matt Lauzon says. "Consumers are thrilled to be able to get exactly what they want and we're thrilled to have happy customers. With the support of Highland Capital and Canaan Partners, Gemvara is well positioned for an exciting stage of expansion and development."
Dan Ciporin of Canaan Partners and Bob Davis of Highland Capital, as well as chairman Deb Bessemer, currently serve on Gemvara's board. In July 2008, Gemvara raised an additional $5.8 million in a Series A financing, also by Highland Capital and Canaan. These funds were used to build the site's customization technology, develop early traction with web visitors, and develop a top-quality customer service model.