Backing British Businesses – Astrid & Miyu
The last business we are showcasing as part of this round of Backing British Businesses is the contemporary jewellery brand Astrid & Miyu.
Astrid & Miyu started in the apartment of its founder and CEO, Connie Nam, in 2012. A contemporary London-based jewellery brand that revolutionised the way you shop and wear jewellery. With unique but wearable, fashion-forward yet understated design it has quickly built a cult status among fashion editors, celebrities and influencers.
The speed at which the company has grown is impressive, at more than 200% year-on-year. This has been achieved by leveraging a multi-channel strategy, engaging through e-commerce, social and retail channels, whilst also working closely with select retailers such as Selfridges in London and Le Bon Marche in Paris. In less than two years, the team has quadrupled and has consistently generated year on year growth.
During the seed stage, Astrid & Miyu was in need of funding to help grow the business further. This is where Newable Ventures came in, our investing arm supports UK based entrepreneurs with long-term equity investment to fuel fast growth businesses.
Newable syndicate investors led two investment rounds into the Astrid & Miyu, equating to over £800k of equity of funding. The syndicate was comprised of a number of individual angel investors, Newable Ventures funds and the London Co-Investment Fund.
The support received enabled Connie to grow the company into a strong, cult brand employing more than 40 people and generating profits.
This company performed very well, however, it was sold within 3 years within the NVL fund, and consequently, it lost its tax advantages for UK taxpayers as it was sold in 2 years.