Worthy, the online marketplace for pre-owned luxury goods, has raised USD8 million in a Series B funding round led by Carmel Ventures (Carmel Ventures), a member of the Viola Group.
As part of the investment, Carmel's co-founder, Shlomo Dovrat, joined Worthy's board of directors. Other investors in the current round include previous investors such as Meir Barel, the founder of Star Ventures, and Eddy Shalev, a Worthy board member and the founder of Genesis Ventures. Proceeds of the funding round will be used to expand its marketplace presence across the US as well as towards product innovation. Worthy, founded in 2012, previously raised over USD8.5 million.
Dovrat says: "We believe there is a significant opportunity in 'Re-commerce' for privately owned high value jewelry. Consumers who own high valued jewellery, diamonds, watches and other luxury valuables do not have a fair and convenient alternative to sell them. As a true marketplace, Worthy brings significant value not only to the sellers but also to its buyers, who can buy well-described and professionally authenticated items directly from the public. We at Carmel are committed to invest in companies that aim to transform large markets and we are excited about Worthy's vision, team and potential. We look forward to work with Worthy's team and will actively support them as they expand the business."
"US households constitute, in effect, the single biggest diamond mine in the world, with over USD1 trillion worth of polished diamonds. Any individual who owns a diamond is a stakeholder of this mine. It is estimated that there are only 50 more years' worth of new gem quality diamonds worthy of excavations. The future of diamonds lays with recycling already-mined diamonds and repurposing them," says Ben De-Kalo, founder and CEO of Worthy. "We provide businesses with direct and trusted access to the significant supply households present, including unique pieces that add a luxury flavour to their showcase.
"Worthy aims to transform a very large market. We are grateful for the trust by Carmel Ventures, a world class firm and are excited to be working with Shlomo Dovrat to build a category leader."
