In a significant milestone for the jewellery industry, Finematter, a circular marketplace founded in 2021, has successfully closed its seed round, raising a total of €2.6 million. This remarkable achievement has been made possible by the support of renowned tech founders and industry veterans who share Finematter's vision of promoting circularity and transparency in the jewellery market.
The seed round boasts contributions from distinguished angel investors, including Heini Zachariassen (Vivino), Christine de Wendel (Zalando/Sunday), Jeppe Rindom (Pleo), Dino Patti (Playdead/Jumpship), Peder Micheal Pruzan-Jørgensen (Pandora’s Sustainability board), and participation from existing shareholder Heartcore Capital. Impressively, 46% of the investors are female, emphasizing the diverse and inclusive support for Finematter's mission.
Finematter is not just attracting financial backing; it is also gaining access to invaluable expertise from seasoned experts in the field. This strong backing bolsters the company's position and underscores the potential for revolutionizing the jewellery industry.
Caroline Chalmer, Founder & CEO of Finematter, expressed her gratitude for the support, saying, "We are absolutely thrilled and grateful to be backed by such an incredible group of investors. They, as we do, believe that we have a unique opportunity to create a category-defining company, which can make a difference for the many thousands of independent creatives in the jewellery industry, as well as a blueprint for a truly circular business model."
The additional funding will enable Finematter to further develop its platform, expand its network of jewellers, and make a lasting impact on the circularity of the jewellery space.
Empowering Circular Consumption in the Jewellery Industry
Finematter, headquartered in London, UK, was founded with a mission to empower customers to participate in circular consumption in the jewellery sector. The platform allows customers to order, repair, remodel, and recycle real jewellery, providing them with access to collaborate with some of the world's most skilled jewellers, all of whom are carefully vetted by Finematter.
Central to Finematter's commitment to circular principles is the issuance of digital certificates for all jewellery transacted through the platform. These certificates document the full life-cycle of each piece of jewellery, facilitating transparency and enabling circularity within the industry.
The jewellery industry, with its estimated worth of €327 billion, is ripe for transformation. One striking fact is that gold, a primary material in jewellery production, is infinitely recyclable without any loss of quality. Yet, less than one-third of the global gold supply is currently recycled. Finematter aims to challenge this status quo and promote a more sustainable approach to jewellery consumption and production.
Navigating Challenges in B2C Startups
The successful closure of the seed round is particularly noteworthy given the current challenges faced by B2C startups. Investments in this sector have experienced a significant decline, with a drop of over 60% compared to the previous year. However, Finematter's unique value proposition, its exceptional roster of leading jewellers, and its commitment to circularity have distinguished it and garnered substantial funding.
Finematter's innovative approach aligns with the growing consumer demand for sustainable and transparent products. As consumers become increasingly conscious of the environmental and ethical implications of their purchases, Finematter's platform provides a solution that resonates with their values.
Promoting Sustainable Jewellery Consumption
The jewellery industry, like many others, is undergoing a transformation driven by sustainability, transparency, and circularity. Finematter's success in raising €2.6 million in its seed round is not only a testament to its vision but also a significant step forward in reshaping the way people interact with jewellery.
With its digital certificates and collaborative network of skilled jewellers, Finematter is poised to be a catalyst for change in the industry. By promoting sustainable practices, reducing waste, and enabling customers to make informed choices, Finematter is contributing to a more responsible and ethical jewellery ecosystem.
As Finematter continues to grow and evolve, it stands as a shining example of how innovation and technology can lead the way toward a more sustainable and circular future for one of the world's oldest and most cherished industries – jewellery.
