The Ledger
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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.”
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: Passing on Gemist over cap table concerns is short-sighted
“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.”
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.”
Charles Hudson passes on Gemist over founder cap table dilution concerns
“I got pretty close on this one, but I think I'm out. I was just doing some math on the cap table here, and I just I worry about what it's, to me, there's one simple fix, which is to give you and your founder more equity in the A, which will come out of the poc…”
Gemist secures a record-breaking $650,000 syndicate investment on The Pitch
“So we got 300,000 from Neil. That's 250 K from Mark puts you at 550,000. You've got a 100,000 coming from the pitch fund. That puts you at 650,000 dollars, which is I think the biggest investment we've ever had on the show.”
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.”
Hudson: Gemist is worth $100K at a $10M post-money valuation
“Clean 10 posts with, like, good founder ownership, I would have put in a hundred K.”
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.”
Entrada Ventures leads Gemist's $3M seed round with $2M committed
“So right now it's being led by Entrada Ventures. We have two million committed and we're kind of looking to fill that last one million in the next few months here as we get this off the ground.”
Gemist charges SMBs $1,000 monthly plus a 3% to 10% take rate
“And with them, we do a monthly licensing fee that's around a thousand dollars a month, and then we pair that with a transaction percentage on anything sold through the Gemist experiences, and that usually ranges between three and 10%, depending on how big the …”
Gemist has a 30-brand waitlist worth over $3M in contract value
“And we've built a 30 plus brand waitlist that has Contract value of over three million.”
Gemist generates approximately $50,000 in monthly recurring revenue
“Yeah, so MRR is about 50 K a month just because we haven't, the brands are going live now, right? So I'm dealing with mainly implementation fees and some licensing. Transaction fees haven't hit yet.”
Charles Hudson would have invested $100K at a $10M post-money valuation
“Clean 10 post with, like, good founder ownership, I would have put in a hundred K.”
Gemist signed four large jewelry brands for over $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.”
Gemist targets $100K enterprise ACV with up to $75K implementation fees
“They are super down to throw down cash, right? So we start with implementation fees anywhere between 30 and 75 K, And then we do a higher licensing fee based off of SKUs. And right now we're looking at an average annual contract value around a hundred K.”
Fraser: Gemist home try-on product has 50% to 70% margins
“No, no, it has margins. It's like a wholesale. So it has at least 50 to 70% margins.”
Fraser: Gemist raised a $1M pre-seed and $3M seed round
“We did a pre-seed and a seed round. So we did a million in our pre-seed and three million in our seed.”
Fraser: Gemist is raising 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.”
Fraser: Gemist has a 30-brand waitlist worth over $3M
“And we've built a 30 plus brand waitlist that has Contract value of over three million.”
Fraser: Gemist has $2M committed led by Entrada Ventures
“So right now it's being led by Entrada Ventures. We have two million committed, and we're kind of looking to fill that last one million in the next few months here as we get this off the ground.”