Second Avenue Capital Partners closed on a $10 million senior secured credit facility (which includes an accordion feature) for myGemma, a modern and professional alternative for consumers wanting to buy or sell high-end luxury goods. The credit facility will be used to support increased working capital and additional inventory purchases as the business continues to rapidly grow.
“myGemma helped to grow and legitimize this industry, and we wanted a financing partner that understood our dedication to creating long-term change as we move forward,” Andrew Brown, CEO of myGemma, said. “Second Avenue Capital Partners was an ideal fit for us. Beyond their in-depth retail experience, they’ve worked in the ecommerce buying and re-sell segment and that was an important distinction. The professionals from SACP were fast and efficient and they quickly delivered a financing solution that will help us achieve our goals.”
myGemma and its purchasing engine www.wpdiamonds.com provide a viable option for consumers wanting to sell high-end pieces quickly. As one of the oldest and most reputable online diamond and diamond jewelry buyers, WP Diamonds has seized on opportunities in the marketplace to expand their purchasing platform with the addition of luxury watches, luxury handbags and collectible sneakers._x000D_
The combined effect of WP Diamonds and myGemma completes the goal of a circular economy: a place to sell unwanted luxury pieces and a place to buy pre-owned. Customers have access to sustainable luxury, expertly authenticated, at significant discounts to the established retail prices in the marketplace.
“myGemma has led an industry-wide change in rethinking how consumers buy diamonds, fine jewelry, and luxury items,” Chris O’Connor, president of Second Avenue Capital Partners, said. “We’ve worked in this direct-to-consumer pre-owned space for a while now, and we see it as an area primed for growth. myGemma is one of the leaders in this industry and we’re excited to work with them and support their continued growth.”
