Editor note: In our 2022 Startups to Watch feature, the Silicon Valley Business Journal and San Francisco Business Times present startups and founders doing unique things in the San Francisco Bay Area. Cast is one of 20 that we have profiled — to read more about our mission and the other startups we're featuring, click here.
Women in the U.S. are increasingly more educated and delaying major milestones like marriage and having kids longer than previous generations. They also have a lot of purchasing power and drive 83% of consumer activity, according to a 2019 report from Morgan Stanley.
Cast is developing a line of luxury jewelry tailored for a demographic that isn't waiting to be gifted rings — or earrings, necklaces and bracelets. Their price points currently range from $125-$16,000.
"We definitely saw the opportunity for a fine jewelry brand that’s focused on self-purchasing women," said co-founder Rachel Skelly.
They intended to launch with a physical retail store in San Francisco's Union Square, but the pandemic forced them to pivot. Instead, they launched a direct-to-consumer website first and are now looking ways to have a physical footprint.
"What does the future of luxury look like in San Francisco during/post-pandemic? We want to have a positive impact on the city we call home," Skelly said.
Co-founder Eric Ryan previously co-founded other consumer brands including Welly, Olly and Method.
Cast
- Founded: 2021
- Founders: Acting CEO Eric Ryan and Chief Creative Officer Rachel Skelly
- What it does: Designs and sells a line of luxury jewelry targeted toward women buying for themselves via direct-to-consumer platform
- HQ: Marin County
- Employees: 14
- Total funding: $17 million
- Investors: True Ventures, Base Ventures, Eric Ryan and other individual investors
How did you build out your team and what lessons have you learned? Culture comes first. Always. For Cast and for all of our prior startups as well. We focus first on finding the right chemistry — “cast love” — that balances drive for results with a humble, collaborative spirit. As a startup, we seek out subject matter experts who also are comfortable rolling up their sleeves and wearing multiple hats.
What is the best way for you and your team to work? Hybrid, for sure. We are a nimble team located in and outside the Bay Area. We balance working together to collaborate with embracing remote work for the focused “heads-down” time that’s so important for creative ideation.
Who was the first person or organization you asked for money? At first, Eric was our lead investor and we didn’t plan on reaching out for capital until we were closer to launch. By the time that rolled around, we were mid-pandemic and the world was in a very different place.
It wasn’t the right time to pitch an experiential luxury store to investors, so we pivoted and later partnered with True Ventures who believed in our vision about reimagining the luxury jewelry space.
Are you already thinking of an exit strategy? What would it be? We have bold plans for growth. We are a Bay Area startup, after all. We are building a fine jewelry experience for a new generation. And we see a very long-term path for growth that includes DTC (direct-to-consumer), stores and international opportunity.
How are your going to scale your business and grow over the next 12 months? We are excited to continue to share, learn and grow online. There’s loads of opportunity to share a colorful, authentic, artful fine jewelry experience across the U.S.
We are also excited to launch Cast live, to offer in person opportunities to see, touch and feel the artistry of fine jewelry: from trunk shows to store pop-ups to further events with our concierge to our own store fronts. Personalized deeper service is the heart of Cast.
