Financing earmarked to expand operations and ramp up service offerings of web-based supplier of customized fine jewelry
Lexington, MA – July 8, 2008 – Paragon Lake, a revolutionary web based supplier of customized fine jewelry, today announced that it has secured $5.8 million in Series A financing co-led by venture capital firms Highland Capital Partners and Canaan Partners. The funding will allow Paragon Lake to expand its operations and ramp its service offering to meet rapidly growing customer demands. In conjunction with the investment, Dan Ciporin of Canaan Partners will join Highland’s Bob Davis on the company’s board of directors.
“We are thrilled to partner with two world-class venture capital firms that possess incredible track records when it comes to building successful Internet companies,” said Matt Lauzon, CEO of Paragon Lake. “Bob, as the founder and former CEO of Lycos, and Dan, the former CEO of Shopping.com, have been instrumental in defining the Internet business landscape. We’re excited about leveraging their expertise to help drive the next stage of our growth.”
Paragon Lake makes purchasing made-to-order pieces of fine jewelry easy and accessible to consumers. The company currently has retail partnerships in 14 states with jewelry stores looking to provide a distinctive and positive experience for their customers. By simplifying the design process and allowing users to purchase customized jewelry through a web-based platform, jewelers are able to offer a unique service that delivers made-to-order jewelry that fits each customer’s individual style.
"Paragon Lake’s web-enabled process will revolutionize the $20 billion dollar fine jewelry market,” said Bob Davis, General Partner at Highland Capital Partners. “By enabling customization for the masses, Paragon Lake will change how consumers purchase jewelry."
"Paragon Lake provides cutting-edge technology to transform an age-old business,” said Dan Ciporin, Venture Partner at Canaan Partners. “Through Paragon Lake, independent jewelers will be able to offer their customers low-cost, high-quality, fully personalized jewelry design, allowing the jewelry business to join the ranks of other industries that have experienced the power of online customized demand through technology and Web innovation.”
About Paragon Lake Inc.
Paragon Lake (www.ParagonLake.com) is a web based supplier of customized fine jewelry. Since 2006, the company has developed innovative ways to make purchasing pieces of made-to-order fine jewelry easier and more accessible for consumers. Paragon Lake was founded by two entrepreneurs out of Babson College and the team has rapidly grown to include alumnus of some of Boston’s most successful high tech companies.