(Yicai Global) Oct. 18 -- American online jewelry rental startup Flont Inc. said that it has received USD5 million in seed funding and it will enter the Chinese market.
The investor is C Ventures Fund LP, a hedge fund that Adrian Cheng, managing director at Hong Kong New World Development Co. and executive director at Chow Tai Fook Jewellery Group Ltd., and media sector investor Clive Ng established, Jiemian News reported.
Founded last October, Flont started operating in May. Its partners include more than 40 jewelry brands including Cartier, Bulgari, Hermes and Gucci as well as about 10 top-tier designers. Its membership has grown at an average monthly rate of more than 100 percent since May.
Flont offers consumers two options. Members pay a monthly fee of USD299 for unlimited borrowing of jewelry from any brand. Alternatively, a jewelry renter can take an item for a specified period, and four-day loans cost between USD129 to USD329.
Flont said that it will use the funding to increase its stock and recruit as well as for market development initiatives in China.