Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsSourcingMay 20, 2024
2 Business-to-Business Platforms Secure Millions in Funding
Nivoda and Liquid Diamonds both have big plans for the new capital.
From left to right, Nivoda CFO Bas Lustenhouwer, CPO James Morgan, co-founder and CEO David Sutton, and co-founder and COO Andre Woons. The tech company raised $30 million in a recent round of Series B funding.
New York—Two business-to-business jewelry marketplaces recently announced that they have secured millions of dollars in funding.
London-based Nivoda, which operates a diamond and gemstone marketplace, raised $30 million in a Series B funding round.
It was led by Avenir Growth Capital and joined by existing investors Headline and Abstract Ventures, with the addition of 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, highlighted the platform’s unique position in the market.
“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, described the company as “a staple to both suppliers and diamond buyers around the world with countless opportunities for expansion."
In announcing this latest round of funding, Nivoda highlighted recent milestones, including a 140 percent year-over-year increase in revenue in December.
Its active customer base has been expanding, up 162 percent year-over-year, while its order count grew 124 percent.
Nivoda has plans for the new funding, including customer growth, market expansion, global outreach, and category expansion.
It also wants to enhance the customer experience through product enhancements and fulfillment optimizations.
Recently, the company debuted Nivoda Express, a new fulfillment service which enables two- to three-day delivery on select stones.
It has another project in the works, Memo/Appro, which would allow retailers to display and sell jewelry items in their stores without buying them outright from suppliers. It’s expected to be available sometime this year.
To support these goals, Nivoda said it plans to double the size of its team over the next year.
Related stories will be right here …
London-based Nivoda, which operates a diamond and gemstone marketplace, raised $30 million in a Series B funding round.
It was led by Avenir Growth Capital and joined by existing investors Headline and Abstract Ventures, with the addition of 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, highlighted the platform’s unique position in the market.
“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, described the company as “a staple to both suppliers and diamond buyers around the world with countless opportunities for expansion."
In announcing this latest round of funding, Nivoda highlighted recent milestones, including a 140 percent year-over-year increase in revenue in December.
Its active customer base has been expanding, up 162 percent year-over-year, while its order count grew 124 percent.
Nivoda has plans for the new funding, including customer growth, market expansion, global outreach, and category expansion.
It also wants to enhance the customer experience through product enhancements and fulfillment optimizations.
Recently, the company debuted Nivoda Express, a new fulfillment service which enables two- to three-day delivery on select stones.
It has another project in the works, Memo/Appro, which would allow retailers to display and sell jewelry items in their stores without buying them outright from suppliers. It’s expected to be available sometime this year.
To support these goals, Nivoda said it plans to double the size of its team over the next year.
Another business-to-business platform connecting suppliers and retailers, Liquid Diamonds, has raised additional funding.
Liquid Diamonds, a New York-based diamond sourcing platform, secured $1.1 million.
The funding round was led by select members of the New York Angels, a group of New York-based financiers who “believe the diamond industry has been left behind compared to other industries, such as automotive, finance, and pharmaceuticals,” said the company.
Liquid Diamonds said its goal is to bring price transparency and liquidity to diamonds, letting diamond buyers buy at fair market value while suppliers can liquidate their inventories.
Its reverse auction system gives retailers access to 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.
“This enhanced focus on retailers is an exciting evolution not only for Liquid Diamonds, but for the industry as a whole. Our team worked to streamline the platform for greater usability, and we are happy to report we are already seeing an increase in both time spent on the platform as well as a strong ROI in terms of new retailer clients taking advantage of our diamond buying services.”
Donna Redel, a member of the New York Angels and Liquid Diamonds’ board of directors, said she is “optimistic about the future of the diamond industry, as modern technology is slowly being accepted by a dated industry that is not currently data-rich.”
Technology and data can benefit every part of the value chain, she said.
More on Sourcing
The Latest
MajorsJul 26, 2024
Diamonds Direct Opens Store in AtlantaIt’s the Signet-owned banner’s first location in Georgia.
TrendsJul 26, 2024
Piece of the Week: Bea Bongiasca’s ‘Double Loop’ EarringsCommemorate “brat summer” with these green hoops.
EditorsJul 26, 2024
Out & About: A Dispatch from the Nation’s Smallest StateEditor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Supplier BulletinJul 25, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
Weekly QuizJul 25, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJul 25, 2024
Amazon, BBB Sue Website Allegedly Peddling Fake Reviews They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
IndependentsJul 25, 2024
Store Designer Ruth Mellergaard DiesA longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
FinancialsJul 25, 2024
Boucheron, Pomellato Post Double-Digit Growth in Q2 The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
MajorsJul 25, 2024
Shane Co. Partners With Kids In Need Foundation to Donate 7,200 BackpacksThe fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
FinancialsJul 24, 2024
LVMH’s First-Half Jewelry, Watch Sales Dip 5%Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
MajorsJul 24, 2024
See Chaumet’s Paris Olympic Medals Inspired by its High JewelryThe Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
MajorsJul 24, 2024
Jewelers Mutual Acquires Pawnbroker Insurance ProviderUnion Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
MajorsJul 24, 2024
Ben Bridge Announces 2024 Lonia Tate Scholarship WinnerLos Angeles-based Bradlei Smith was selected for this year’s award.
ColumnistsJul 23, 2024
Peter Smith: The Case for Optimism in Sales In his latest column, Smith shares multiple reasons why people who look at the glass as being hall full often make better salespeople.
IndependentsJul 23, 2024
Long’s Jewelers Is Giving Away a Luxury Cape Cod VacationThe giveaway is part of the New England jeweler’s summer bridal event.
CollectionsJul 23, 2024
Guzema Debuts ‘Flower Power’ CampaignThe ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
Policies & IssuesJul 23, 2024
Diamonds Do Good Announces Its 2024 Entrepreneurship Grant WinnersThe grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
CrimeJul 22, 2024
Florida Jeweler Shot, Killed Following Argument With CustomerGhazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
Policies & IssuesJul 22, 2024
JVC’s Elyssa Jenkins-Pérez Joins RJCThe organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
SourcingJul 22, 2024
AWDC Names Karen Rentmeesters as CEORentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor BoutiqueThe 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ NecklaceDance all night long with the “So Move Max” set’s necklace.
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs Luxury giant LVMH is reshuffling the leadership in its watches division.
MajorsJul 18, 2024
New Etsy Campaign Prioritizes Creators Amid BacklashSellers and shoppers have spoken out against a rise in mass-produced merchandise on the platform meant to highlight handmade goods.
MajorsJul 18, 2024
Swarovski Names Ariana Grande as Its New Brand AmbassadorThe celebrity will star in Swarovski’s holiday campaign.
