Award-Winning retailer of bespoke engagement and fine diamond jewellery
|Location||London United Kingdom|
|Sectors||Clothing & Accessories Mixed Digital/Non-Digital B2C|
|Incorporation date||5 Apr 2011|
Learn more about convertible campaigns.
Rare Pink is a fast-growing online retailer of bespoke engagement rings and fine diamond jewellery. In the aim of refining the customer experience, Rare Pink offers a bespoke design service and both an online and in-person route to market – a clicks and bricks business model.
Offering over 100,000 ethically sourced diamonds and the ability to design your own ring, customers can then choose to meet an expert in one of our showrooms to get advice, perfect their design, receive a 3D printed replica and touch and feel the product before buying. Of our consultations, 88% have converted to sales – so almost 9/10 people who walk through our doors go on to purchase their ring from us. Based out of London, Rare Pink already sells across Europe, the US and UK.
Convertible Key Terms
The key terms that apply to the Rare Pink convertible are set out below:
• Valuation cap -$4,000,000
• Discount – Conversion at 20% discount to the valuation set by a Trigger Event.
• Conversion is triggered by (“Trigger Events”):
o An Equity Fundraise – Raising over $250,000 from an issue of Shares to any person(s).
o A Change of Control of the company (transfer of more then 50% of the share capital); or
o An IPO – being a listing of the company’s shares on a recognised stock market or secondary market
o If conversion has not been triggered by the longstop date (24 months from the date of the convertible) shares will be issued on the longstop data at a valuation based on a $4,000,000 pre-money valuation.
o At conversion, the investment agreement governing an Equity Fundraise (in particular) shall contain the standard Seedrs investor protections including pre-emption rights, tag & drag rights and information rights.
Use of Proceeds
Following our first successful Seedrs investment, we have built systems in marketing, sales and operations and hired the right people to ensure a scalable business.
We have further refined our ‘clicks and bricks’ model and we are now ready to grow. We hope this will be achieved by expanding our product range to include wedding bands and other jewellery and increasing our website conversion rate through an even further improved user experience.
We will also invest into getting more people ‘through the door’ through a strategy of growth in:
• Search engine optimisation
• Social media campaigns
• Affiliate marketing
• PR and Brand Reputation
The ability for customers to visit our stores in person, significantly boosts sales, this is why, with further investment, we wish to replicate what we have built in London in more cities around the world with a focus on the U.S. and then China.