JewelStreet smashes crowdfunding target with £164k

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Company beats 60-day investment target in 30 days of crowdfunding.

Online jewellery marketplace JewelStreet has beaten its crowdfunding target by raising £164,000 in 30 days compared to the expected £100,000 in 60-days benchmark.

The business is now in a state of ‘overfunding’ according to investors.

Managing director of JewelStreet, Rob Passmore, comments: “We are thrilled with the investment community’s reaction to JewelStreet and its proposition. We have set a cap of £200,000 on this round of investment which will enable us to develop the business further and create a stronger sales channel for our designers.”

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The Devon-based company previously celebrated raising 30% of its target capital in 24 hours when the crowdfunding campaign went live through website CrowdCube.

The business encouraged members of the UK jewellery industry and the wider public to pledge £250 or more to secure a share of JewelStreet and help it realise its expansion plans.

The company, that initially hoped to raise £150,000 in 60 days, will now forge ahead with plans to improve web design and functionality, consumer marketing, search engine optimisation and affiliate marketing.

It will also launch a customer loyalty program using the investment and plans to increase its customer database marketing, with the aim of growing its database to 30,000 people by the end of 2014.

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