Cranston-based jewelry startup Luca + Danni closed a growth capital funding round of $6.2 million. Ross-Simons, also of Cranston and marketed as "America's favorite jeweler," was the majority investor, with Boston-based VC fund PJC retaining a stake in the company.
"I started this brand to honor my family's 50 plus year heritage in U.S.-made handcrafted jewelry and help others embrace the journey of life as I learned to do after losing my brother to leukemia," said founder and CEO Fred Magnanimi. "With the amazing resources and strategic support of Ross-Simons and PJC, I am confident we will help millions embrace their own journey and continue to build our community."
Ross-Simons leadership specified that their investment would leverage their more than 65 years of industry experience with the 5-year-old company's unique perspective.
"Luca + Danni is a digitally native brand rapidly taking market share in the jewelry space," said Jim Speltz, Ross-Simons president. "Our resources, product expertise, and go-to-market experience matched with Luca + Danni's powerful brand will foster meaningful growth in the evolving e-commerce world."
PJC Managing Partner David Martirano added that the firm's partnership was "positioning Luca + Danni to truly disrupt the direct-to-consumer market."
A release on the move added that Magnanimi will stay on as CEO and board member of the company.
