Custom Jewelers Help Make Engagement Ring Purchases Less Stressful for $3.85 Million
In a bid to inject technology into the traditional engagement ring buying experience, Wove, an online custom jewelry company, has secured $3.85 million in seed funding led by Springdale Ventures. This injection of capital will be used to fuel overall growth and scale, including advertising, as well as launch the company’s e-commerce line.
A Unique Approach to Engagement Rings
Wove was founded by Andrew Wolgemuth and Brian Elliott, two West Point graduates and former Army Rangers who discovered a knack for designing engagement rings for their fellow service members. They began receiving requests from U.S. consumers and decided to turn their passion into an online engagement ring company.
Unlike traditional jewelry stores, Wove offers customized wedding rings that can be tried on at home and created "six times faster than traditional jewelry making." The company’s jewelry is made 100% in the United States with ethically-sourced diamonds and 100% sustainable materials.
A Two-Week Design Experience
Wove’s customized rings involve a two-week design experience, during which clients can work closely with the company’s designers to create their perfect engagement ring. The average price of these custom-made rings is $10,000, which is above the national average of $6,000.
A Game-Changer in Jewelry Design
According to Wolgemuth, Wove is "the only company that does custom replicas." Until recently, this service was only available to famous or ultra-wealthy individuals. However, with Wove’s innovative approach, everyday consumers can now access this luxury service.
The key to Wove’s success lies in its use of 3D printing technology, which has revolutionized the production process. "What we are doing I think was only possible in the last five years because of how 3D printing technology changed along the way," Wolgemuth explained. "Before, you had to hand carve a wax ring, and now, we can 3D print up to 300 different rings at the same time within three hours."
Scaling Up
With its recent seed funding, Wove plans to expand its operations and launch its e-commerce line. This will enable clients to purchase pre-designed rings from the company’s website, order replicas of pre-designed rings, or further customize existing designs.
In addition to expanding its product line, which will include earrings, pendants, necklaces, and bracelets available by the end of the year, Wove is building out a design portal where customers can track the progress of their ring and chat live with the designer.
A Recession-Proof Business
Wolgemuth believes that Wove’s business model is recession-proof. "Even with the pandemic winding down, we still see our business continue to grow," he said. "This is really encouraging that our process wasn’t just built for the pandemic world. It was built for couples of this day and age and how they want to shop for engagement rings."
Investors Back Wove
The seed funding round was led by Springdale Ventures, with participation from Outlander VC, Rarebreed Ventures, Context Ventures, and other prominent investors. This support underscores the confidence that these investors have in Wove’s innovative approach and its potential for growth.
Conclusion
Wove’s $3.85 million in seed funding is a testament to the company’s innovative approach to engagement rings and its commitment to using technology to improve the buying experience. With its recent investment, Wove is poised to expand its operations and become a leader in the custom jewelry industry.
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