Haverhill launches crowdfunding campaign for next jewelry line

JEWELRY COMPANY Haverhill Inc. launched a crowdfunding campaign to raise money to develop its 2015 fine jewelry collection, and already has surpassed its funding goal. / COURTESY HAVERHILL
JEWELRY COMPANY Haverhill Inc. launched a crowdfunding campaign to raise money to develop its 2015 fine jewelry collection, and already has surpassed its funding goal. / COURTESY HAVERHILL

PROVIDENCE – Jewelry design company Haverhill Inc. launched a crowdfunding campaign to raise money to develop its 2015 fine jewelry collection, and already has surpassed its funding goal.
CEO Alison Cariati said the Kickstarter campaign kicked off on March 20 with a minimum goal of $14,000, but has already passed that, hitting approximately $16,500.
The campaign, which will end April 12, is helping the fledgling company raise funds to develop its 2015 collection, she said.
“It’s working capital for the company,” Cariati said recently.
Haverhill, which won the 2013 Rhode Island Business Plan Competition, has been in business now for a little more than two years, said Cariati, who runs the company with designer – and company namesake – Haverhill Leach.
They met while they both were doing freelance work and joined forces to create “high-quality fine jewelry” that could be purchased at a reasonable price – items that Cariati described as “easy to wear and timeless,” but not so precious that they have to be locked away.
With average price points at $350 to $400 – although some pieces are $65 – she said their jewelry line is geared to professional women looking for pieces to wear to work.
She said the company has benefited from being in Rhode Island, and working with master craftsmen based here. The jewelry is available in sterling silver and 18k gold, and is hand set with gem stones.
“Our manufacturers and suppliers are prepared to ramp up production to meet demand, and we are excited to begin this next phase of growth. We have demonstrated proof of concept, customers all across the country love to buy our product,” Cariati said.

They sell their jewelry online, but the bulk of their business comes from in-person trunk shows – they are featured at home shows and other events with vendors.
The direct-to-consumer model allows the company to offer high-quality jewelry at lower prices by cutting out the middle man and keeping overhead low, according to information from the company.
Sales tripled year over year from 2013 to 2014, according to information from the company. Cariati did not disclose sales, but said last year was a “good year.”

While the company now has just two employees – Cariati and Leach – the pair is looking to hire one or two staffers in the next few months, as well as a handful of sales representatives in different regions of the country.

“We’re still a startup,” she said.

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They are members of the Founders League at downtown startup accelerator Betaspring, where their office is located. Cariati also has been selected as the Founders League’s next entrepreneur in residence, something she said she’s excited about.
“I love being an entrepreneur and building a business. It’s in my blood,” Cariati said.
Winning the business plan competition, and $45,000 in cash, helped the company develop product samples and put into production its first collection, Cariati explained. She said it also provided helpful professional services such as accounting and legal services.

“I love jewelry. I honestly didn’t wear jewelry every day until this business started,” Cariati said.

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