Lexington, MA (PRWEB) July 8, 2008
Paragon Lake, a revolutionary web based supplier of customized fine jewelry, today announced that it has secured $5.8 million in Series A financing co-led by venture capital firms Highland Capital Partners and Canaan Partners. The funding will allow Paragon Lake to expand its operations and ramp its service offering to meet rapidly growing customer demands. In conjunction with the investment, Dan Ciporin of Canaan Partners will join Highland's Bob Davis on the company's board of directors.
"We are thrilled to partner with two world-class venture capital firms that possess incredible track records when it comes to building successful Internet companies," said Matt Lauzon, CEO of Paragon Lake. "Bob, as the founder and former CEO of Lycos, and Dan, the former CEO of Shopping.com, have been instrumental in defining the Internet business landscape. We're excited about leveraging their expertise to help drive the next stage of our growth."
Paragon Lake makes purchasing made-to-order pieces of fine jewelry easy and accessible to consumers. The company currently has retail partnerships in 14 states with jewelry stores looking to provide a distinctive and positive experience for their customers. By simplifying the design process and allowing users to purchase customized jewelry through a web-based platform, jewelers are able to offer a unique service that delivers made-to-order jewelry that fits each customer's individual style.
"Paragon Lake's web-enabled process will revolutionize the $20 billion fine jewelry market," said Bob Davis, General Partner at Highland Capital Partners. "By enabling customization for the masses, Paragon Lake will change how consumers purchase jewelry."
"Paragon Lake provides cutting-edge technology to transform an age-old business," said Dan Ciporin, Venture Partner at Canaan Partners. "Through Paragon Lake, independent jewelers will be able to offer their customers low-cost, high-quality, fully personalized jewelry design, allowing the jewelry business to join the ranks of other industries that have experienced the power of online customized demand through technology and Web innovation."
About Paragon Lake Inc.:
Paragon Lake (http://www.ParagonLake.com) is a web based supplier of customized fine jewelry. Since 2006, the company has developed innovative ways to make purchasing pieces of made-to-order fine jewelry easier and more accessible for consumers. Paragon Lake was founded by two entrepreneurs out of Babson College and the team has rapidly grown to include alumnus of some of Boston's most successful high tech companies.
About Highland Capital Partners:
Highland Capital Partners was founded with the mission of helping great people build great companies. For twenty years, the firm has taken a sector-focused approach to investing in exceptional communications, consumer, digital media, healthcare and information technology companies. With over $3 billion of committed capital and offices in Boston, Silicon Valley, Shanghai and Geneva, Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, CheckFree, Conor Medsystems, Continental Cable, Helicos BioSciences, lululemon athletica, Lycos, MapQuest, Navic Networks, Ocular Networks, Odyssey Healthcare, Quigo, Starent Networks, Sybase, Telica and VistaPrint. For more information, visit Highland's web site at http://www.hcp.com.
About Canaan Partners:
Canaan Partners invests in visionary entrepreneurs and provides them the networks, insights and operational guidance required to build high-performance technology and healthcare companies. For 20 years, they have taken an active and committed role in the companies in which they invest, and have completed more than 69 mergers and acquisitions and 53 IPOs. With $3 billion under management and a worldwide footprint, the firm's technology team is committed to catalyzing the growth of innovative companies in the digital media, communications & mobility, enterprise and clean tech industries. Among its successes are DoubleClick, the leading online advertising solution, Match.com, the most popular online dating site in the world, CommerceOne, the company that pioneered B2B ecommerce; Capstone Turbine, first to market and world's leading producer of commercially viable microturbine energy products; and VOIP equipment supplier Acme Packet, which was one of the top ten performing tech IPOs of 2006. Other Canaan technology investments include Active Networks, BharatMatrimony, Blurb, Cortina, GroundWorks, ID Analytics, Tremor Media and SuccessFactors. Canaan has offices in California, Connecticut, India and Israel. For more information visit: http://www.canaan.com.
Paragon Lake Inc.
matt @ paragonlake.com