New York—Two business-to-business jewelry marketplaces have recently secured significant funding to fuel their growth and expansion efforts.
Nivoda, a London-based diamond and gemstone marketplace, raised $30 million in a Series B funding round. The round was led by Avenir Growth Capital, with participation from existing investors Headline and Abstract Ventures, and new investor Canaan Ventures.
“We’re on a mission to create a one-stop shop for jewelers, and this funding represents a crucial milestone in achieving that vision,” said David Sutton, co-founder and CEO of Nivoda.
Andrew Sugrue, partner at Avenir Growth Capital, praised Nivoda’s market position. “We are thrilled to back Nivoda as they build the largest global marketplace for the jewelry industry. Nivoda serves a huge unmet need in the market, evidenced in their best-in-class retention characteristics,” he said.
Taylor Brandt, principal at Headline, highlighted the company’s significance to suppliers and diamond buyers worldwide, noting the vast opportunities for expansion.
Nivoda has reported a 140 percent year-over-year increase in revenue as of December, a 162 percent rise in its active customer base, and a 124 percent increase in order count. The company plans to use the new funding for customer growth, market expansion, global outreach, and category expansion. They also aim to enhance the customer experience through product improvements and fulfillment optimizations.
Recent initiatives include Nivoda Express, a new service offering two- to three-day delivery on select stones, and an upcoming project, Memo/Appro, which allows retailers to display and sell jewelry items without purchasing them upfront from suppliers. This service is expected to launch later this year. To support these goals, Nivoda plans to double its team size over the next year.
Liquid Diamonds, a New York-based diamond sourcing platform, secured $1.1 million in funding led by select members of the New York Angels, a group of financiers dedicated to modernizing the diamond industry.
Liquid Diamonds aims to introduce price transparency and liquidity to the diamond market, allowing buyers to purchase at fair market value and enabling suppliers to liquidate their inventories. The platform’s reverse auction system connects retailers with global suppliers, sourcing stones from small diamond manufacturers in India and Botswana.
“Our vision is to democratize the diamond market, where buyers always get a fair market value regardless of whether they are buying five or 500 diamonds,” said Kashyap Mehta, CEO of Liquid Diamonds. He added that the platform’s enhanced focus on retailers has led to increased time spent on the platform and a strong return on investment through new retailer clients.
Donna Redel, a member of the New York Angels and Liquid Diamonds’ board of directors, expressed optimism about the diamond industry’s future. She emphasized the potential benefits of integrating modern technology and data into the traditionally data-poor industry.
The funding and strategic plans of both Nivoda and Liquid Diamonds underscore a significant shift towards innovation and modernization in the jewelry sector.
