Ice.Com Secures Growth Equity Investment from Polaris Venture Partners and Ignition Partners
MONTREAL and NEW YORK – January 7, 2008 – ICE.com, one of the largest and most respected online jewelers, has secured $46.6 million in growth equity funding led by Polaris Venture Partners. Existing ICE.com investor Ignition Partners also participated in the round.ICE.com is widely regarded as a trendsetter and tastemaker in online jewelry, featuring a large selection of high-quality, stylish designs. The company serves hundreds of thousands of online shoppers looking for the latest styles, great value, unmatched security, and individualized customer service. Since acquiring Diamond.com, a leading provider of diamond rings and jewelry, ICE.com has become one of the largest online retailers of affordable luxury goods.
“Thanks to e-commerce reaching the mainstream and fine jewelry becoming more of a casual purchase vs. peaking only at gift-giving events, ICE.com has witnessed significant growth over the past several years. The time is right for expansion and we’re thrilled to have such distinguished and accomplished investors help us navigate this next phase of the company’s growth,” said Shmuel Gniwisch, co-founder and CEO of ICE.com.
Alan Spoon, managing general partner of Polaris, joins Brad Silverberg and John Zagula of Ignition Partners on the ICE.com board of directors. Previously, Spoon was president of The Washington Post Company where, among other activities, he spearheaded early stage online technology investments in services such as Washingtonpost.com, Exchange.com, BrassRing, and Cars.com. Among others, Spoon currently serves on the boards of Art.com, LegalZoom, TechTarget, Getty Images and IAC/InterActiveCorp.
“ICE.com is a highly innovative online retailer and a clear leader among pure online jewelry retailers. As the affordable luxury category of e-commerce continues to grow rapidly, ICE.com is very well-positioned,” said Spoon. “Jewelry consumers will continue to aggressively seek out both ICE.com and Diamond.com, given their appealing, extensive, and attractively-priced offerings -- all complemented by round-the-clock convenience and exceptional customer service."
Brad Silverberg, partner at Ignition Partners, commented, “We are excited by the tremendous growth of ICE.com over the past several years, and look forward to continuing to work together to build one of the world’s leading online retailers.”
About ICE.com
ICE.com is committed to providing customers the best value, quality, service and selection of diamond, pearl and gemstone jewelry in the world.
As one of the largest and most respected online Jewelers, ICE.com has served over half a million satisfied customers since 1999. Today, the company is the trusted virtual destination for diamond jewelry, engagement rings and fashion jewelry. ICE.com jewelry experts strive to stay ahead of style and fashion trends to offer customers the very latest in jewelry styles.
About Polaris Venture Partners
A national venture capital firm with over $3 billion under management, Polaris invests in seed, early stage and growth equity businesses in the technology, life science, digital media, enertech and consumer sectors.
Through a philosophy of lead investing and active, long-term partnering with entrepreneurs and management teams, Polaris has helped many companies achieve outstanding success. Among them are: Accordant Health Services, Acusphere, Advanced Inhalation Research (AIR), Akamai Technologies, Allaire Corporation, Alnylam Pharmaceuticals, American Superconductor, Archivas, Aspect Medical Systems, Avici Systems, Centra Software, Classifieds2000, Cubist Pharmaceuticals, Cushcraft Corporation, deCODE genetics, Exchange.com, GlycoFi, Matrics, Momenta Pharmaceuticals, Paradigm Genetics, Powersoft, Solidworks, and TransForm Pharmaceuticals.
About Ignition Partners
Ignition Partners, (www.ignitionpartners.com) is a premier private investment group with offices in Bellevue, Washington and Shanghai, China. Ignition Partners' affiliated family of funds includes Ignition Ventures and Ignition Growth Capital in the U.S. and Qiming Ventures in China. The investment group's three categories of funds - early stage venture, growth capital and China ventures -brings together an unparalleled combination of domain focus, functional expertise and global operational experience with partners from leadership positions at Microsoft, McCaw Cellular Communications, AT&T Wireless, Cisco, Starbucks and other industry leaders.
Contact
Sarah Mees
KMC Partners Public Relations
617-682-3759
Sarah@KMCPartners.com
Keren Blankrot
ICE.Com
T: 866-393-9788 Ext. 195
L: 514-393-9788
kblankrot@ice.com