Jewel Commerce is a startup based in Detroit, and it had been acquired by Capital One after only two years. Co-founder of Jewel Commerce, Andrew Landau, said that this was just the beginning of the expansion they are planning for the future.
Landau will remain CEO of the company, and all five employees will remain, while more people are expected to be hired in the near future. The other co-founder, Dushan Shimko, will remain as the company’s Chief Technology Officer.
Both Capital One and Jewel Commerce provided an easier way of shopping along with the tools to provide safety and comfort for their customers. Furthermore, Jewel Commerce is offering ways to earn cash rebates from 2 percent to up to 60 percent.
The company has several deals with retailers, and they are offering expensive jewelry, accessories, as well as clothing and home goods.
Two years ago, Jewel Commerce raised $175,000 in three angels investments and managed to raise $500,000 since then from those same investors. The company grew from two co-founders to five full-time employees over the last two years. Landau said that their revenue is growing exponentially, but refused to reveal the exact figure.
The company will remain in Detroit, and they are hoping to grow even further in the future.