Taylor & Hart raises €4 million to marry diamonds and blockchain

• Bulgarian-founded jewelry startup Taylor and Hart announces to raise an investment round of 4 million euros led by their existing investor Active Partners with the participation of the British bank Virgin Money, founded by the British entrepreneur Richard Branson, and the crowdfunding platform Seedrs.
• The company will use the investment to continue to develop its innovative use of blockchain technologies in gemstone tracking and develop into a market leader in personalized engagement rings.
• With a team of 65 people in four countries, including Bulgaria, and clients in the UK, US and Europe, Taylor & Hart will also invest in expanding its international presence and building its brand.

“Taylor & Hart was created to transform the obscure and conservative way of shopping for rings. That’s why we offer a revolutionary multi-channel service and an exceptional customer experience that allows customers to create unique and meaningful jewelry that can be passed down through generations. In this next phase of growth, we will work to fulfill our mission to become a global leader in the design and sale of personalized engagement rings,” comments Nikolay Piriankov, founder and CEO of Taylor & Hart, about the investment.

The funding comes at a time when the company is recording growth in sales of its lab-synthesized diamonds of more than 200% year-on-year. Since its launch in 2014, Taylor & Hart has also recorded annual revenues of over €11.3 million.

A personal story turned into a business

Taylor & Hart was founded in 2013 by Nikolay Piryankov and Shane Hunt to change the design approach in the engagement jewelery industry. The idea came when one of the co-founders’ friends wanted to design a unique ring for his girlfriend.

They soon realized that the process of creating a custom ring was complex and time-consuming, and they saw an opportunity to disrupt the traditional way of shopping for rings. The company’s belief is that an engagement ring should be a reflection of the couple’s love story and that everyone should have the opportunity to design something exceptional.

“Traditional jewelry companies seem to not really listen to the customer, to not care about transparency and customer experience. These things, as a potential customer, which I was becoming, felt like absolute hygiene requirements. Like, why don’t you listen on me and why am I struggling to get information about pricing and how the industry works? Why are things so unclear? It just felt like this is an industry that really needs disruption. I think we were right and it has been a amazing journey since we started,” Nikolay Piriankov previously shared with The Recursive.

Initially, the company was stopped by the founders, followed by a round of funding from friends and family once they had demonstrated proof of concept. They have since raised two further rounds of funding, with investment from LAUNCHub VC, The Garage Soho (the investment vehicle of Sir John Hegarty, co-founder of renowned brand agency BBH), and Active Partners (one of the UK’s leading consumer investment firms). companies that have worked with brands such as Rapha, LEON and Soho House).

Ethical and sustainable practices in diamond procurement

The company uses blockchain technology to ensure the authenticity of its products and to enable customers to track every step of the diamond’s journey. This provides insight into the origins of the gemstones and creates transparency in the global diamond supply chain. Taylor & Hart proudly claims to be the first jewelery brand in the UK to use blockchain to track the journey of a diamond in the creation of an engagement ring.

“The jewelery industry has always been and continues to be an incredibly opaque market. We’re democratizing the way customers can design custom engagement rings and doing it in a more sustainable way. We’ve broken down the steps required to create a truly unique ring and made it a pleasant and stress-free experience, resulting in a piece of jewelry that feels like it’s a true representation of a couple’s love and commitment,” Nikolay Piriankov has divided into one earlier interview.