July 26, 2001
Blue Nile Secures More Financing
Blue Nile Inc., an online retailer of diamonds and fine jewelry, announced it has secured $7 million in venture funding and expects to reach profitability earlier in the fourth quarter of 2001 than originally forecast.
Despite slowed consumer spending and Blue Nile cutting its marketing spending by 80%, the company's sales grew 20% in the first half of 2001, compared to the same period the previous year.
According to Blue Nile, six of the nation's top venture capital firms provided the company funding, including Bessemer Venture Partners, Trinity Ventures, Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, Integral Capital Partners and Vulcan Ventures Inc. "This funding round reflects the belief our investors have in the future of our business," says Blue Nile CEO Mark Vadon. "Blue Nile is on track to build a profitable retail company that will redefine the way consumers buy jewelry for years to come."
Blue Nile is a 2-year-old privately held online jewelry company located in Seattle, WA. It's located online at www.bluenile.com.
- by Julia M. Duncan