London-based 7879, a modern-day jewellery house, has raised £5.5 million in seed funding to “transform the industry.” The startup enables customers to buy pure precious metals at prices that reflect their underlying cost and enjoy wearing the items while generating potential yields on the metal value. The company allows customers to track the precious metals value of purchased jewellery through a personalized online portfolio, where they can sell back their items for the prevailing price of platinum or gold. The seed round was led by Anglo American and Rainmaking, a corporate venture fund.
7879, a London-based jewellery house, has raised £5.5 million in seed funding. The round was led by Anglo American, a producer of platinum group metals, and Rainmaking, a corporate venture fund.
The company claims to enable people to buy non-diluted items produced from bullion and priced transparently by weight, by the gram, in real-time. Customers can buy pure precious metals at prices that reflect their underlying cost and track the precious metals value of purchased jewellery through a personalized online portfolio. Customers can sell back their items for the prevailing price of platinum or gold, regardless of their condition.
All the pieces that the company sells originate from responsibly mined or recycled sources, adding a sustainability element to the business. The company hit an annual revenue run rate of £2 million within the first year of launch.
7879’s ability to enable customers to buy non-diluted precious metal items at transparent prices, track the value of their purchases through an online portfolio, and sell back their items for the prevailing price of platinum or gold seems to have resonated with both customers and investors. The startup has raised £5.5 million in seed funding led by Anglo American and Rainmaking, and all its pieces originate from responsibly mined or recycled sources.
