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Madeline Fraser: Passing on Gemist over cap table concerns is short-sighted

Madeline Fraser · #115 Gemist: The Crown Jewel of Venture · Mar 4, 2025 · at 23:54

Gemist founder Madeline Fraser reacts after investors Charles Hudson, Elizabeth Yin, and Paige Doherty passed on investing in Gemist due to cap table dilution.

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“You know, I think that that's a little bit short-sighted in my mind, right? Not really talking through that or having enough time to sit down with them and sort of say, hey, let's, let's think about what this could look like in the future.”

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More from Madeline Fraser

Assertion Not checkable as stated
Fraser: Blue Nile's custom jewelry tech hasn't changed in 10 years
“They already technically have a version and hasn't changed in 10 years.”
Madeline Fraser Aug 23, 2023 ▶ 13:17 "Jewelry Industry Digital Transformation Needed: Can Shopify Jewelry Save the Day?"
Assertion Not checkable as stated
Blue Nile's online customization tool has not changed in 10 years
“Well, no, because they're, they already technically have a version and hasn't changed in 10 years.”
Madeline Fraser Mar 4, 2025 ▶ 13:40 #115 Gemist: The Crown Jewel of Venture
Disclosure
Gemist is raising a $3M seed round at a $15.5M post-money valuation
“We did convertible note for the pre-seed, I believe six million cap, and then seed round was 3,000,011 and a half post, and this one is 15 and a half post.”
Madeline Fraser Mar 4, 2025 ▶ 14:35 #115 Gemist: The Crown Jewel of Venture
Disclosure
Fraser: Gemist signed four brands for $500K+ ACV in Q1
“And so with zero dollars in marketing spend and me as our sales team, we've been able to sign four large jewelry brands just in Q one of this year at an annual contract value of over 500 K.”
Madeline Fraser Aug 23, 2023 ▶ 2:43 "Jewelry Industry Digital Transformation Needed: Can Shopify Jewelry Save the Day?"
Prediction Not checkable as stated
Fraser: Gemist targets $5M to $7M ARR before Series A
“Before Series A, we'd like to be somewhere between five and seven million in ARR.”
Madeline Fraser Aug 23, 2023 ▶ 15:16 "Jewelry Industry Digital Transformation Needed: Can Shopify Jewelry Save the Day?"
Assertion Contradicted
The US has 60,000 jewelry retailers, but only 9,000 operate online
“Right now there are about 55 to 60,000 retailers just in the United States. So if I take that percentage of ones that are already online, that's about 9000 give or take brands.”
Madeline Fraser Mar 4, 2025 ▶ 9:10 #115 Gemist: The Crown Jewel of Venture
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