Fund awards jewellery marketplace to help stimulate growth.
Devon-based online jewellery marketplace JewelStreet has won a grant of £140,000 that it will use to hire an additional 28 staff.
The funding has come from the Plymouth University and Western Morning News Regional Growth Fund, a fund set up to create local, quality jobs in the Southwest and stimulate economic growth in the area.
Speaking of why the fund chose to award the money to JewelStreet, Bill Martin, Western Morning News editor and vice-chair of the Funds Steering Group, said: "The Steering Group considered this to be a compelling bid in support of a project with the potential to deliver substantial impact in terms of the number and quality of jobs created and to do so at a low cost to the Fund, representing good value for money.
"It was also recognised that the job creation would occur in an area of relative economic deprivation and this was regarded as a powerful additional outcome of the investment.”
JewelStreet said that it will use the money to hire an additional 28 staff over the next two years.
The grant comes off the back of the JewelStreet founders Mike Taylor, Rob Passmore and Andy Jones’s inclusion in the Professional Jeweller Hot 100 as Bering Trailblazers.
Passmore said: "What a September! To gain a place in the Hot 100 in our first year of operation and to then secure £140,000 of grant funding is both humbling and very exciting. We are thrilled that this will help us to build the team and marketing efforts to support the fabulous jewellery designers and brands on JewelStreet.”