For hundreds of years, jewelry has been a way to express individuality and a sense of personal style. Yet, there are very limited options to custom design jewelry and especially less so, online. GEMIST is a direct-to-consumer jewelry company that gives customers the option to design their own pieces. With a technology-driven approach, the company provides the ability to customize engagement rings, statement rings, wedding bands, and earrings, giving customers unprecedented ability to select materials, finish, stones, and more. Once you’ve designed the perfect item, GEMIST will send you a complimentary replica to try on to ensure you’ve designed the piece of dreams. All final pieces are developed in Los Angeles using responsibility-sourced materials.
LA TechWatch caught up with Gemist CEO and Founder Madeline Fraser to learn more about the inspiration for the company, strategic plans, recent round of funding, and much more…
Who were your investors and how much did you raise?
Seed round, $3M led by Entrada Ventures with participation from De Beers Group Ventures, Hawke Ventures, Luma Launch, Lightspeed Scout Ventures, Mana Ventures, Spacestation Ventures, Kinsley Partners, Lunch Partners, and Canaan Scout Fund.
Tell us about your product or service.
GEMIST is an online platform that allows you to design jewelry and try it on at home before you buy. The custom jewelry experience is finally available to anyone looking to create something uniquely their own within their own personal style and budget. Your special piece is then lovingly handmade just for you by our dedicated GEMIST team.
What inspired the start of Gemist?
I came up with the idea for GEMIST when I tried to design my own custom ring. That experience showed me that the custom jewelry process is manual, antiquated, and in need of a big refresh. My background was in growing tech startups that solve big problems, so I decided to set out to solve this one. Gemist was born from my desire to let the consumer drive a process that should be custom, personal, and leave no stone unturned (pun intended) when it comes to a quality product that won’t break the bank. One size does not fit all when it comes to jewelry design, and nor should it. You deserve gems as unique as you are, and Gemist is here to ensure you get just that.
How is it different?
GEMIST is a tech platform first. We are unique because we allow consumers to design jewelry online and then try on their pieces in replica form before making a purchase.
What market you are targeting and how big is it?
Jewelry is $350B globally – only about 15% of it is online -We are targeting modern consumers who want a new way to buy jewelry online
What’s your business model?
We are direct-to-consumer and hold no inventory. Consumers design fine jewelry online and try on their pieces in replica form before making a purchase. Each piece is handmade in Los Angeles for each consumer with responsibly sourced materials.
What are your post-COVID office plans??
We started GEMIST during COVID and have always been a 100% virtual company.
What was the funding process like?
Raising funding is about sales and phycology. Know your company and how to sell it, show your passion and commitment to changing an industry. Cater your pitch to each investor and learn how to create urgency to get the round closed. It’s a numbers game that takes persistence, perseverance, and a thick skin.
What are the biggest challenges that you faced while raising capital?
When raising funding get ready for rejection. Most people say know, it’s easy to say no. Remember that you need investors as much as they need you. Keep moving, networking, and be smart about who you take money from. You want to make sure to create a team of investors around you that support and believe in you as a founder. Chances are, you’re all going to be together for a long time. Trust your gut and instincts and never make decisions based on fear or failure.
What factors about your business led your investors to write the check?
The technology and market – We are category-defining and changing consumer behavior for the first time in a huge and very traditional industry. The founder – most of my investors have in one way or another told me that I am what they are investing in – myself and my team, then the idea. If your investors don’t believe in you and your time to execute, they will never invest.
What are the milestones you plan to achieve in the next six months?
We plan to grow our team, continue to innovate our technology, learn from our consumers, see KPI growth in revenue, AOV, LTV, etc…
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
Make sure you have a plan. Know your numbers, understand what growth looks like, create a sell that people can’t refuse, and hit the pavement. Do not be afraid, face failure head-on, surround yourself with good people who have your best interest in mind. Beyond all else, enjoy the journey – otherwise, what’s the point?
What’s your favorite outdoor activity in LA?
Horseback riding.
