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2 Business-to-Business Platforms Secure Millions in Funding TechnologyNov 27, 2024
Nivoda Secures Additional Funding
The London-based business-to-business diamond and gemstone marketplace just closed on a $51 million round of Series C funding.
From left, Nivoda Chief Operating Officer Jessie Young, co-founder and Chief Information Officer Andre Woons, and co-founder and CEO David Sutton in the New York City Diamond District. The London-based diamond and colored gemstone marketplace just raised millions more in funding. (Photo courtesy of Nivoda)
London—Business-to-business diamond and colored gemstone marketplace Nivoda has closed on another round of funding.
The London-based company announced Monday that it has secured $51 million in a Series C round of funding led by Northzone, a venture capital fund with a portfolio that includes Kahoot!, Spotify, and Klarna.
Northzone’s investment follows the $30 million Nivoda secured earlier this year in a Series B round of funding led by Avenir Growth Capital.
Nivoda said it will use this latest round of funding to expand its global diamond supply chain network and invest in “cutting-edge” tools for jewelers worldwide.
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The London-based company announced Monday that it has secured $51 million in a Series C round of funding led by Northzone, a venture capital fund with a portfolio that includes Kahoot!, Spotify, and Klarna.
Northzone’s investment follows the $30 million Nivoda secured earlier this year in a Series B round of funding led by Avenir Growth Capital.
Nivoda said it will use this latest round of funding to expand its global diamond supply chain network and invest in “cutting-edge” tools for jewelers worldwide.
“The diamond trade is a $100-plus billion industry that still operates in a very local and fragmented way,” Nivoda CEO and co-founder Dave Sutton said. “Providing access to a global supply chain is transforming a centuries-old business.
“The success of this transformation, although we’re still at the early stages, has allowed us to raise investment this year in a challenging funding market.”
Northzone partner Sanjot Malhi called Nivoda a “category-defining company” for small retailers worldwide, adding, “We had the privilege of getting to know Dave and the team for over a year prior to investment and are very excited to partner with them on this journey.”
Sutton and Andre Woons founded Nivoda in 2017 to address what they viewed as inefficiencies in the diamond supply chain, giving jewelers access to millions of diamonds.
In 2023, the platform expanded to include more than 30 types of colored gemstones, among them sapphires, rubies, emeralds, alexandrite, and tourmaline.
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