Funds will be used for international distribution and more UK stores.
Jewellery brand Monica Vinader has secured £2.5 million of investment as the company seeks to accelerate growth in the UK and overseas.
The brand has secured backing of £1.5 million from Beringea, a growth capital investor that manages Proven Venture Capital Trusts. A further £1 million has been put forward by The Clark Group, a former backer of Links of London.
The fresh round of funding will be used to "accelerate growth plans" at Monica Vinader, with the intention of increasing its UK own-brand boutiques and international distribution.
Beringea has previously invested in Monica Vinader, putting forward finance in 2010 to help fund the brand’s first flagship store on London’s South Molton Street. It described the venture as a great success which further developed the brand’s supply chain.
Monica Vinader’s present management team is headed up by sisters Monica and Gabriela Vinader. Its board members include former Links of London managing director Gareth Morris and Walpole’s luxury expert and investor Guy Salter. Beringea partner Karen McCormick will remain on the board with Clark Group chief executive Steve Clark joining post-transaction.
Monica Vinader operation director Gabriela Vinader said: "Our management team is committed to unlocking Monica Vinader’s considerable multi-channel and international potential. We are delighted with Beringea’s continued support and look forward to welcoming the Clark Group."
The brand, famed for its gemstone jewellery and Fiji friendship bracelets, has recorded strong demand for its latest rose gold and pavé diamond line.
Since launching in 2007 Monica Vinader has grown to a multi-channel brand with distribution in the UK in Selfridges, Harrods, Liberty, Fenwick and via Net-A-Porter amongst other outlets. The brand also operates two franchise stores in Spain.
McCormick said of the deal: “Since investing in 2010, Monica and Gabriela Vinader and their team have exceeded all expectations, and we are delighted to be associated with the brand.
"The business has a strong following of brand-loyal customers who are our best advocates. We are excited about the fantastic growth opportunities, and confident that the management team will be successful.”
Earlier this year Monica Vinader reported on its Christmas trading, stating that it had “exceeded trade forecasts and showed impressive year-on-year sales”.
In the 22 weeks to the end of December sales at the jewellery brand were up 38%. The growth was said to have been driven by existing outlets in Harrods and Selfridges, its store on London’s South Molton Street and through its transactional website.