The Pitch #115 Gemist: The Crown Jewel of Venture
Aug 23, 2023
Madeline Fraser, the entrepreneur behind Gemist, discusses her journey of starting a vertical SaaS product for jewelers. Topics covered include the lack of online custom ring design, the success of Gemist in signing large jewelry brands, the pricing structure and sales process, the imperfections of diamonds and American Express' support for small businesses, the competitive landscape with Blue Nile, and discussions on potential syndicate investments.
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Origin Story
- Madeline Fraser, a three-time founder, got the idea for Gemist when she got engaged.
- She was surprised by the lack of online custom ring design options and the cumbersome process.
Pivot to B2B
- Gemist initially launched as a direct-to-consumer site for custom jewelry design but pivoted.
- Madeline realized existing e-commerce platforms weren't suitable for jewelry.
Pricing Model
- The jewelry industry comprises mainly small and medium-sized businesses (SMBs).
- Gemist uses a revenue-sharing model for SMBs and a licensing fee model for larger enterprises.