JamesAllen.com, one of the fastest growing online diamond retailers in the US has received $140 million in growth equity investment from Francisco Partners, a global private equity firm that specialises in investments in technology companies, according to a release from R2Net, which owns the online retailer that offers loose diamonds and engagement rings.

While the Company did not give details of the specific uses to which the funds will be put, it said that the aim of the deal was to further transform the diamond and engagement ring industry.

Details of the amount of equity the new investors will receive were not revealed, though media reports suggest that Francisco Partners was likely to receive a 50% stake.

JamesAllen.com has tripled in size in the last two years with sales being driven by a huge curated selection of nearly 150,000 conflict-free, fully certified loose diamonds and hundreds of ring settings, which allows consumers to design or customize their own personalised jewellery pieces; James Allen’s 360° Diamond Display Technology and innovative virtual showroom experience; and attractive price points.

Matt Spetzler, Partner at Francisco Partners, said, “What we love about JamesAllen.com is they are using innovative technology to bring simplicity, vast selection, pricing transparency and overall value to the process by letting consumers shop directly for the exact diamond they want, but at a much lower price.”

R2Net’s co-founder and CEO Oded Edelman said, “We have a shared vision that consumers deserve a better diamond buying experience and we are demystifying the process. We provide better pricing and better value by utilizing innovative technologies that enhance everything from our Diamond Marketplace to the end consumer experience.”

R2Net (conceived as "Rough Diamonds to Internet") operates a robust e-commerce and supply chain platform that connects the entire span of the diamond industry’s ecosystem, including manufacturers, retailers and consumers. R2Net owns and operates four distinct brands: JamesAllen.com, Segoma, DMarket (Diamond Market) and Brio Animation Studio.

Francisco Partners, launched over a decade ago, has raised over $10 billion in capital and invested in over 175 technology companies, making it one of the most active investors in the industry.