e-commerce store BaubleBar, known for its “fast fashion” approach to women’s jewelry, closed $ 20 million in new funding, the company said today. The Series C cycle has been led by previous investors, Accel Partners, Greycroft Partners, Burch Creative Capital and Aspect Ventures, but also includes new investors who will bring their expertise in international expansions and large-scale operations, according to the company. .
Among these new investors are the strategic partners Hubert Burda Media and DSW.
Co-founded by longtime banking and private equity friends Amy Jain and Daniella Yacobovsky, BaubleBar is aimed at satisfying consumer demand for fashionable jewelry that doesn’t break the bank.
But more importantly, BaubleBar is focused on reacting to current market trends and then delivering products with a faster turnaround time than its traditional competitors.
In the past, Jain has said the company’s compressed supply chain can see jewelry go from the design process to sale in as little as four weeks.
Technology continues to play an important role in BaubleBar’s business, says Yacobovsky.
“We are a highly technological company, touching everything from our purchasing platform, which now includes a mobile app, to our logistics systems,” she told TechCrunch. “We fulfill and ship all of our orders from our Brooklyn fulfillment center, so having the right software is critical to handle this. We also rely heavily on data to ensure that we are able to take full advantage of our compressed product lifecycle, and create products that meet [consumers’] current requirements.
The company’s primary demographic is the 25- to 40-year-old female consumer, who lives in a metropolitan area and is fairly digital savvy. These women often find articles on social media and buy across all platforms, including the web and mobile.
In addition to being sold online, BaubleBar maintains relationships with several retailers, including Nordstrom, Bloomingdale’s, and Anthropologie, all of which now sell its products in-store. And more recently, the company launched a special line of tech accessories at Target. These included things like ornate selfie sticks, phone cases, glittering charging cables and headphones, and gold power supplies and speakers, for example.
However, Yacobovsky says these wholesale relationships now represent less than 10 percent of BaubleBar’s overall business. This is down from the 20 percent reported in 2014, an indication of the company’s growing success in e-commerce.
In addition to offering its jewelry for sale on the site, BaubleBar also has offers its clients styling assistance. Buyers can chat or email the company for help, even sending photos of an outfit, video chat to see the parts live on a person, and follow the products on Instagram.
Yacobovsky, however, declined to provide metrics based on customers, growth, or revenue. She notes that BaubleBar’s current goal is to expand its existing retail relationships and grow its direct-to-consumer sales channels.
With the additional funding, BaubleBar does not undertake significant recruitments to grow its team of 150, but rather uses the new capital to grow further.
“We have historically had great success investing both in marketing and in software and systems that help us scale smarter,” says Yacobovsky. “We will continue to invest in both as part of this next round.”