Irish designer Chupi Sweetman’s jewellery brand Chupi is to receive €3.75m investment from a mix of backers including Business Venture Partners (BVP), Abbey Finance and Permanent TSB (PTSB) to accelerate the brand’s global growth.

The investment includes around €2.75m in new equity, with the remainder representing debt provided by PTSB’s business banking division. This marks the first funding round by the jewellery brand which was established in 2013.

BVP, an Irish impact investment fund, alongside Abbey International Finance, will take a minority stake, with Ms Sweetman, her husband Brian Durney and the company’s leadership team retaining a majority stake. While the equity breakdown was not disclosed, the company confirmed that BVP was the majority investor in the fundraise.

The funds will be used to enhance the brand’s online augmented reality offering that allows shoppers to digitally try on a ring from anywhere in the world. Expanding the company’s retail footprint is a priority. While Chupi currently has one store located in Powerscourt Townhouse Centre in Dublin, Ms Sweetman is planning to open larger flagships in both Dublin and London next year.

Chupi plans to invest in blockchain, with the technology enabling the tracking and authentication of diamonds.

(By Caoimhe Gordon)

Get the latest news here: Cointime channel — https://t.me/cointime_en