TrueFacet has held the close of a USD6 million Series A funding round led by Maveron.
Participation included Freestyle Capital, Social Leverage, Founders' Co-op, Trilogy and Liquid2 Ventures, owned by famed football legend Joe Montana, and global marketplace investors Rahul Mehta and John Lindfors.
The company recently appointed Francois Kress, current CEO of Carolina Herrera and former CEO and managing director of Bulgari, to join its board of directors.
“We created TrueFacet to enable the luxury consumer to buy, sell or trade any item in their jewellery collection in a trusted manner and at a fair price,” says Tirath Kamdar, CEO of TrueFacet. “We are thrilled to work with a group of seasoned investors who are supporting us on our journey toward becoming the leading jewellery marketplace globally.”
Since its launch in 2014, TrueFacet has achieved sales growth of 120 per cent quarter over quarter due in part to its unique access to supply. TrueFacet currently lists over 50,000 jewellery and watch items from more than 70 brands, including Tiffany & Co, Cartier, Rolex, Omega, Hermes, and more.
"TrueFacet is rapidly transforming the opaque and illiquid pre-loved jewellery market by providing consumers with fail-proof counterfeit detection, deep value and unmatched supply,” says Jason Stoffer, a partner at Maveron. “Born and raised in a jewellery family with generations of experience in the industry, TrueFacet CEO Tirath Kamdar’s background gives TrueFacet an unfair advantage in aggregating supply globally and developing partnerships with leading luxury brands and retailers as they move their businesses online."