7879 secures £5.5m investment in seed funding round

Jewellery house 7879 has revealed it has secured £5.5m in seed funding.

Co-founded by Sach Kukadia (founder of Secret Sales) and Ben Flowers (ex-BCG)
7879 is a jewellery house producing items from bullion and pricing them transparently by weight and in real-time according to the international bullion market.

It aims to allow customers to buy pure precious metals at prices that more accurately reflect their underlying cost and enjoy wearing the items while generating potential yields on the metal value.

The round was led by Anglo American, a leading producer of platinum group metals, and Rainmaking, a leading corporate venture fund.

Kukadia said: “7879 offers customers the highest quality platinum and gold jewellery for a fraction of the price previously charged by the market, for metals that are not diluted, and with the added benefit that all of our pieces come from responsibly mined or recycled sources.

“At a time of significant economic uncertainty, we believe selling jewellery transparently – not just in terms of pricing but also in quality – is key to paving the way to a sustainable future.” The money raised will be used to scale the business, which launched in November 2021 and, following a positive response from consumers, is already trading at a £2 million run rate.”

Flowers added: “There is real liquidity in our jewellery should you want it. Importantly the resale price for our items is not discretionary and is instead governed by international market prices, so wherever you are in the world, you will always know what your item is worth. This means you can maximise the value of your jewellery if you decide to sell it back to us.”

source https://www.jewelleryfocus.co.uk/208166-7879-secures-5-5m-investment-in-seed-funding-round