R2Net, which owns JamesAllen.com, the fastest growing online retailer of engagement rings and loose diamonds, announced a new $140 million growth equity investment from Francisco Partners to further accelerate the company’s rapid expansion.
“Anyone who has ever bought a diamond or an engagement ring appreciates how intimidating the process can be for the consumer,” said Matt Spetzler, Partner at Francisco Partners. “What we love about JamesAllen.com is they are using innovative technology to bring simplicity, vast selection, pricing transparency and overall value to the process by letting consumers shop directly for the exact diamond they want, but at a much lower price.”
JamesAllen.com has tripled in size in the last two years as consumers have embraced James Allen’s 360° Diamond Display Technology and innovative virtual showroom experience. With a curated selection of nearly 150,000 conflict-free, fully certified loose diamonds and hundreds of ring settings, JamesAllen.com allows consumers to design or customize their own personalized jewelry pieces.
“We are thrilled to partner with the team at Francisco Partners to continue our journey of disrupting the diamond industry. We have a shared vision that consumers deserve a better diamond buying experience and we are demystifying the process. We provide better pricing and better value by utilizing innovative technologies that enhance everything from our Diamond Marketplace to the end consumer experience,” said R2Net’s co-founder and CEO Oded Edelman.
“The digital imagery and virtual showroom experience is amazing. It allows consumers to feel like they are holding the diamond in their hands and lets you inspect your exact diamond from every angle. You get an even better look with the JamesAllen.com imagery than you would in person,” said Neil Tolaney, head of consumer internet investing at Francisco Partners.
The investment from Francisco Partners underscores the success the company 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. “We are very excited to be investing in JamesAllen.com to help them offer not only incredible value in bridal jewelry, but to become the jeweler for life for savvy consumers, millennial couples and jewelry connoisseurs everywhere,” added Spetzler.