Maveron, Joe Montana, and others invest $6M in TrueFacet's online jewelry marketplace - GeekWire
TrueFacet today announced a $6 million funding round led by Seattle-based venture capital firm Maveron.
The New York-based startup, which graduated from Techstars Seattle in November 2014, also raised money from Freestyle Capital, Social Leverage, Founders’ Co-op, Trilogy and Liquid2 Ventures, the firm owned by NFL legend Joe Montana.
Total funding to date is now $12 million.
TrueFacet provides an online marketplace and authentication process for users to buy and sell luxury jewelry and watches. It discounts prices by up to 70 percent off retail and also lets people sell jewelry on its site, paying the seller up to 85 percent of the resale value.
TrueFacet has grown sales by 120 percent quarter-over-quarter since launching two years ago. The 30-person company now has more than 50,000 jewelry and watch items from more than 70 brands including Tiffany & Co., Rolex, and others. This year, the platform has helped users buy and sell items like a $120,000 Patek watch and a $63,000 Bulgari bracelet.
Tirath Kamdar founded the company after spending nearly a decade in the jewelry industry.
“We created TrueFacet to enable the luxury consumer to buy, sell or trade any item in their jewelry collection in a trusted manner and at a fair price.” he said in a statement.
TrueFacet also recently added Carolina Herrera CEO Francois Kress — who was formerly CEO of Bulgari — to its board.
