Jewelry brand Chupi has completed 3.75 million euro financing and will invest in blockchain technology to track diamonds
It is reported that Chupi, a jewelry brand, announced the completion of 3.75 million euros of financing with the participation of Business Venture Partners (BVP), Abbey Finance and Permanent TSB (PTSB), which is also the first financing since the company was founded in 2013. Chupi said it would increase its investment in blockchain technology and use it to track and identify diamonds. （independent）
Interpretation of this information:
Chupi, a popular jewellery brand known for its sentimental designs and use of precious stones, has recently announced the successful completion of its first financing round, securing a total of 3.75 million euros. This funding comes from a range of investors, including Business Venture Partners, Abbey Finance and Permanent TSB, and represents a significant milestone for the company, which was founded in 2013.
In response to this latest injection of capital, Chupi has stated its intention to invest more heavily in blockchain technology, which it plans to use to track and identify diamonds. This move is part of a wider trend within the jewellery industry, as more and more brands seek to ensure the ethical and sustainable sourcing of their materials.
By using blockchain technology, Chupi will be able to create a transparent and reliable platform that allows customers to trace the journey of their diamonds from the mine to the finished product. This, in turn, will boost consumer confidence and help to address growing concerns around the exploitation of mining communities and the impact of diamond extraction on the environment.
In addition to its investment in blockchain technology, Chupi has also indicated that it plans to expand its product range and continue to develop its brand. With a strong focus on quality, craftsmanship and emotion, the company has built a loyal following both in Ireland and around the world, and looks set to go from strength to strength in the coming years.
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