Gemvara Grabs $5.2M

Lexington, MA-based Gemvara, an online jewelry customization marketplace, has raised $5.2 million in Series B funding, led by returning investors Highland Capital Partners and Canaan Partners, the company announced today. Gemvara, which changed its name from Paragon Lake in February when it revamped its jewelry store-focused business as a direct-to-consumer website, will use the new funding for marketing and improving customer experience. CEO Deborah Besemer stepped down last month, leaving founder Matt Lauzon in charge as the company looks for an executive with more e-commerce experience. The Series B financing brings Gemvara’s total funding pot to $11 million.

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