Online jewellery retailer V N Jewellery (VNJ) has received a £150,000 funding package through the Midlands Engine Investment Fund managed by Maven Capital Partners.
The Aylesbury-based business will use the capital to expand its operations, implement a new digital marketing strategy and hire two new staff members within the next year.
VNJ specialises in providing silver, gemstone and freshwater pearl jewellery under its TreasureBay brand. It currently has over 1,000 products across its website, TreasureBay, and Amazon shopfront.
The business has continued to see an increase within customer orders via its existing website and now has plans to use the funding to help develop another website to target the wholesale and business-to-business market. As a result, VNJ is aiming to increase its turnover by £300,000 within the next quarter.
In addition to VNJ’s plans for product expansion and website creation, the business is also executing a rigorous marketing strategy by incorporating additional advertising platforms, utilising SEO tactics and investing in more targeted Google Ads.
The senior management team at VNJ is made up of Managing Director, Hai Ngan Knight who has over a decade of online sales and marketing experience, and her husband Jeremy Knight whos heads up the finance and logistics arm of the business.
Graham Hall, Investment Manager for Maven, adds: “We are pleased to be able to support V N Jewellery Ltd with the next phase of its ambitious growth programme. Both Hai Ngan and Jeremy have such a strong work ethic and have developed an excellent product range - effectively identifying a gap within the online jewellery marketplace. The funding provided by MEIF Maven should really propel VNJ forward.”
Jeremy Knight, Financial Director for V N Jewellery Ltd, commented: “This is a sizeable investment for VN Jewellery and will allow us to recruit personnel in marketing and website roles in order for us to grow and take advantage of the shift to online sales which have flourished during the COVID-19 crisis and are set to continue once the economy rebounds.’’