London Business Angels back Astrid & Miyu, a contemporary jewellery brand, with £600,000 in new investment
London based Astrid & Miyu (www.astridandmiyu.com) was founded 4 years ago by Connie Nam in order to solve her shopping pains of not being able to find a jewellery brand that provides unique but wearable jewellery pieces at affordable price points. Since launch, the brand’s sales have grown at more than 100% every year.
This early stage fast growing jewellery company now has secured £600,000 of investment from a London Business Angels and Angels in the City Angel Syndicate including LBA’s in house EIS Fund in addition to funding from LBA’s partner, the £25m London Co-Investment Fund. The new funds are to be used to further fuel online growth and to open a flagship store this autumn in London. Harbottle and Lewis acted as the facilitiating solicitor for this transaction.
Connie Nam CEO OF Astrid & Miyu comments” It has been just a joy working with London Business Angels throughout our fund raising process. They guided me from pitching to answering tough questions, and most importantly have been crucial in helping us to complete the round. The majority of our angel investors, including our lead investor, come from their Group, and they’ve also helped me secure funding from the London Co-Investment Fund. The entire process was swift and smooth and everyone’s been extremely supportive. I’m excited to be on a long-term journey with all the LBA and the investors”.
Anthony Clarke CEO of London Business Angels comments “The Jewellery market in the UK alone is worth £5bn, with costume jewellery market size at £500m.The costume jewellery market, where Astrid & Miyu sits, has been growing rapidly at a rate of 40% over the last 5 years. Our LBA syndicate led by an experienced sector specific angel investor believes that there is a clear gap and room in the market for Astrid & Miyu to become a market leader with the company offering well branded, well made and well designed jewellery at affordable price points for fashion savvy young women. The company originally presented to us with a view to raising up to £500k and has now closed at £600k assisted by investment from LBA’s partner the London Co Investment Fund.”
Maggie Rodriguez CEO of Funding London comments “It is very pleasing to support the development of one of London’s core strengths: fashion and design via the LCIF’s investment in Astrid and Miyu.”
Kayar Raghavan, the Lead Angel comments: “Astrid & Miyu’s unique designs are a great attraction for its target clientele. I expect the current round of funding to go a long way in reinforcing the firm’s sourcing, supply chain and expansion drive in the months to come. I am thrilled to have been able to lead this round of investment on behalf of the London Business Angels syndicate and support a marquee firm in stylish costume jewellery headed by a passionate founder in Connie Nam”.