Gemvara
Since last checking in with Lauzon in September, the company is currently at the high end of the “seven figure” range for 2010 and will do at least 3-5x that amount next year, which will safely mean “eight figures” of sales in 2011.
More specifically, sales are on track to grow more than 100% from last quarter to this quarter. Interestingly, the company did more business on a single Tuesday this month than it did in the entire month of May.
Gemvara originally looked to sell custom jewelry in stores through touch-screen computers but abandoned the idea. Now it appears to have found the right business model. The company is seeing an average of $1,000 per sale, and while we aren't sure how much of the recent growth is due to holiday sales, based on the growth trajectory since earlier this year, it appears to not be a major factor.
Gemvara isn't the only online jeweler bringing custom jewelry to the masses and seeing success. Zoara.com recently told BizReport that one of its most popular features is "customize your setting." Over the last 6 months, the store has also seen its "customize ring setting" become more popular than traditional solitaire settings. While Gemvara may have a jump on custom online jewelry, its evident that more traditional online stores are already thinking about bringing their own custom features to customers.
The Lexington, Mass. company, founded in 2008, has raised two rounds of funding totaling $11 million from Highland Capital Partners and Canaan Partners.