New York: Online diamond retailer James Allen has received a $140 million equity investment from Francisco Partners.
The investment gives the private-equity firm a near-50% stake in the New York-based R2Net, which owns James Allen, valuing the e-commerce company at just under $300 million, Israeli newspaper Globes reported Sunday.
The companies did not disclose the terms of the deal or how the money would be used, except to say the investment would accelerate the company’s rapid expansion.
“The investment from Francisco Partners underscores the success [James Allen] has achieved, as well as confidence in the company’s ability to drive further disruption of the traditionally brick-and-mortar industry by offering better selection and value,” the companies said in a statement last week.
James Allen has tripled in size in the last two years, according to the company. Its website currently lists almost 150,000 loose diamonds and hundreds of ring settings, enabling consumers to customize their jewelry purchases, the retailer said. The site also features 360-degree “Diamond Display Technology,” letting visitors view images of actual diamonds close up.
