Dublin-based jewellery brand Chupi has raised €3.75m in new equity and debt to accelerate plans for global growth.
New equity investors including leading EIIS investment fund BVP and Irish private equity firm Abbey International Finance while Permanent TSB's business banking division has provided term debt.
Chupi, founded by Chupi Sweetman in 2013, will use the funds to expand its retail footprint and customer services with the use of blockchain, enhance its technology offering with AR, and support strategic new hires.
The company will remain majority owned by Sweetman, husband Brian Durney and members of its leadership team. IBI Corporate Finance led the fund raise in conjunction with Chupi’s financial advisers, BLG Financial Consultants.
"At Chupi, we are a digital first luxury brand operating a borderless business model whilst making each and every piece of our jewellery in Ireland. Today’s investment will allow us break down even more borders on the world stage," Sweetman said.
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“We are looking forward to expanding our retail offering in Ireland and developing new concession arrangements in key target international markets.
"We will also be using this investment to further enhance our world class technology from augmented reality (AR) to our machine learning offering which has been instrumental in Chupi’s global growth.
"We are confident that we are on track towards our vision of making Chupi a much sought after global luxury jewellery brand, created in Ireland and sustainably crafted by an exceptional and passionate team.”
Stephen Burdock, investment director at BVP Investments, said the firm was "very impressed" with the Chupi leadership team due to their significant experience and their focus on sustainable products.
The Chupi investment forms a significant part of BVP's 2022 EIIS fund portfolio. BVP has previously invested in innovative Irish companies such as HealthBeacon, Crawley Carbon, and UrbanVolt
Chupi currently has a retail presence at Powerscourt Townhouse in Dublin in addition to its e-commerce presence, and the company employs 50 people in Ireland and the UK.
Sweetman describes Chupi as a "digital first luxury brand operating a borderless business model," and the company says all its products are designed and made in Dublin with solid 100% recycled gold and conflict-free diamonds.
Chupi jewellery has been purchased by over 280,000 customers in 70 countries. Accounts for holding company Blazenvale Ltd show net assets of €429,000 at the end of 2021, down from €1m in 2020.
Photo: Chupi Sweetman. (Pic: Chupi)
