Rare Pink Raises $500,000 Via Crowdfunding
Custom-made engagement ring specialist, Rare Pink, has announced the completion of its second round of crowdfunding securing over £340,000.
Rare Pink successfully completed its first public investment round in 2014. Such was the interest to invest in 2015, that the company over-funded by more than 100% – raising £340,000 from 254 investors – which now gives Rare Pink a valuation of £2.84m.
The crowdfunding campaign was conducted through Seedrs, an online service that matches up aspirational businesses with private angel investors, and LAUNCHub, a growth business focused venture capital (VC).
Nikolay Piriankov, co-founder of Rare Pink, said: “We are very fortunate to now have the support of over 200 investors and a VC that can add value as we expand.”
Having introduced new ways for clients to design their own ring, Rare Pink has also become known for its innovative use of the social-messaging app, WhatsApp, as sales and design consultants regularly use it to discuss ring ideas with potential customers.
The team at Rare Pink have spent the last year expanding its product offering to include wedding bands and jewellery, establishing contacts with ethical diamond suppliers and perfecting the process of crafting custom designed engagement rings.
“Our plans are to now enter the US market where we already deliver 15% of our rings and to launch a new mobile responsive website to provide a better experience to the growing number of customers now shopping from their mobile phones.”
From quirky Star Wars and lobster inspired engagement rings to vintage and modern ring designs, almost anything is possible when it comes to the rings Rare Pink customers are able to commission. Rare Pink uses diamonds that are Gemological Institute of America (GIA) certified and each design is unique.
Co-founder, David Sutton said, “Adding something personal and unique to a ring design is a beautiful touch, forever a symbol of a person’s love and commitment.”
Rare Pink’s uniquely designed and hand-crafted engagement rings can be purchased on the company’s website at rarepink.com.