Cash4Gold, the Pompano Beach, Fla.-based company known for its ubiquitous TV commercials and satellite radio spots, has raised $40 million from General Catalyst Partners and Highland Capital Partners.
As it names implies, Cash4Gold buys gold jewelry from consumers, and then it refines it and resells it. Cash4Gold is part of Albar Precious Metal Refining Inc., a refinery that opened for business in 2001.
Yeah, for all the joking about TV spots and comparisons to the Snuggie, this is a serious investment. However, neither General Catalyst nor Highland would comment or confirm thier involvement in Cash4Gold. Joel Cutler led the deal for General Catalyst, while Dan Nova led for Highland.
Cash4Gold does not publicly disclose its financials. However, during last month’s MIT Venture Capital Conference, David Fialkow of General Catalyst said the following:
“Me and [Highland’s Paul Maeder] here invested in a company we haven’t talked about yet, where these two entrepreneurs are making $1 million a week. They’re not doing anything technical, they’re just innovative… The reality is that great entrepreneurs figure out how to make money.”