M.Gemi Raises $16 Million In Series C Funding Led By Burda
BOSTON, June 20, 2017 /PRNewswire/ -- M.Gemi, the leading direct to consumer accessories brand, announced today that it has received a $16M Series C investment led by BurdaPrincipal Investments, the growth capital arm of Hubert Burda Media, one of Germany's largest tech and media companies with continued participation from Accel, General Catalyst Partners, and Forerunner Ventures. This most recent round brings M.Gemi's total funding to $47.2M.
Founded in 2015 by CEO Ben Fischman, President Cheryl Kaplan and Chief Merchant Maria Gangemi, M.Gemi is redefining the luxury supply chain and setting a new standard for direct to consumer brands. Combining old world craftsmanship with new world technology and accessibility, M.Gemi releases new styles each week at uncommon prices.
Achieving the highest standards of quality and craftsmanship, while delivering newness each week requires an ongoing commitment to best in class data science and technology. This round of funding will fuel ongoing investment in advanced technology to enhance predictive analytics, and the brand's unique supply chain in Italy.
"After two years in the U.S. market, we know our consumer values uncompromised quality, weekly releases, and unbelievable prices. We are redefining what it means to be a luxury brand in this economy and we sought an investor with additional expertise who understands what M.Gemi is bringing to the market and the potential for us on a global stage," said CEO Ben Fischman. "We believe the future of retail is in the convergence of content, digital and physical commerce and Burda's unique experience across both consumer media and ecommerce gives us tremendous value as we grow domestically and globally."
BurdaPrincipal Investments has significant experience investing globally in premium apparel and lifestyle brands. The company provides long term growth equity for fast growing digital technology and media companies. It has been partners for visionary entrepreneurs, leveraging Burda's capital, brands and sector expertise, particularly in the areas of business expansion, internationalization and localization. Current and past investments of BurdaPrincipal Investments include BaubleBar, Etsy, NotOntheHighStreet, Vinted and Showroom.
"M.Gemi is truly disrupting the luxury marketplace through its utilization of data science and uniquely competitive production network in Italy," said Christian Teichmann, Managing Director of BurdaPrincipal Investments. "We are impressed by the brand's combination of art and science and the expertise of the team at the helm. With such compelling early success online and offline, M.Gemi has a tremendous opportunity to lead a monumental shift in the way brands think about the consumer and the global marketplace."
ABOUT M.GEMI
Founded in March 2015 by CEO Ben Fischman, President Cheryl Kaplan and Chief Merchant Maria Gangemi, M.Gemi is a Boston based accessories startup with offices in New York and Florence, in addition to storefronts in New York City's Soho neighborhood and Boston's Prudential Center. A unique luxury brand unbound by traditional models, M.Gemi delivers handcrafted products for men and women at uncommon prices. Each piece is handmade in Italy by craftspeople at the most renowned family-owned workshops, with new styles released each Monday. M.Gemi's uncompromised commitment to quality, brought to market at an unconventional speed, positions M.Gemi at the forefront of the new luxury market and sets a new standard for direct to consumer brands. For additional information on M.Gemi and to shop the collection, visit www.mgemi.com.
ABOUT HUBERT BURDA MEDIA
Hubert Burda Media, headquartered in Munich, is an international technology and media company with over 540 brands and products that are oriented to the needs of consumers. Burda has 175 million users and approximately 60 million paying consumers. Its commercial success is driven by over 10,000 employees around the world: Burda is active in 20 markets, above all in Germany – where it is one of the countries' largest media groups – in Europe, the United States and Asia. Innovation is the driving force behind the organisation, which builds on its original roots and values as a family-owned company.
Burda has been a pioneer in adopting digital technology and is a trusted partner for the long-term success of digital business. With DLD (Digital, Life, Design) Hubert Burda Media has established a global network on innovation, digitization, science and culture with conferences around the world. BurdaPrincipal Investments is the company's unit to provide growth capital to digital ventures in the Unites States, Europe, and Asia.
PRESS CONTACT:
JBC
Melissa Duren Conner, Partner & Managing Director
[email protected] | 646.896.1397
Hubert Burda Media
Dorothee Stommel, Senior PR Manager
[email protected] | +49 (0)89 9250 2065
SOURCE M.Gemi
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