DIAMONDS NEWS – Nivoda secures $30 million in Series B funding to propel its diamond and gemstone marketplace

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Nivoda, a leading diamond and gemstone marketplace, has secured $30 million USD primary investment in its Series B funding round.

The investment, led by Avenir Growth Capital and joined by existing investors Headline and Abstract Ventures, along with the addition of Canaan Ventures, signifies a significant milestone for the company’s vision of transforming the jewelry industry.

Taylor Brandt, Principal at Headline, expressed enthusiasm about Nivoda’s journey, stating, “We were lucky to partner with the Nivoda team since the series A. Since then, Nivoda has proven not only that they are a best-in-class performing venture-backed company, but that they are a staple to both suppliers and diamond buyers around the world with countless opportunities for expansion.”

Andrew Sugrue, Partner at Avenir Growth Capital, emphasized Nivoda’s unique position in the market, stating, “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.”

DIAMONDS NEWS – Nivoda secures $30 million in Series B funding to propel its diamond and gemstone marketplace

From left to right: CFO Bas Lustenhouwer, CPO James Morgan, Co-Founder and CEO David Sutton, Co-Founder and COO Andre Woons

Nivoda stands out as a pioneering tech company with a mission to revolutionize the jewelry industry, offering a comprehensive platform for both buyers and suppliers.

David Sutton, Co-Founder and CEO of Nivoda, highlighted the significance of the funding, stating, “We’re on a mission to create a one-stop shop for jewelers, and this funding represents a crucial milestone in achieving that vision.”

Nivoda’s impressive growth and innovation milestones include:

  • Stellar Revenue Growth: In December, Nivoda recorded a remarkable 140% year-over-year increase in revenue.
  • Expanding Customer Base: The company’s active customer base has surged by 162%, and order count grew by 124% YoY in December ‘23.

This new funding round will fuel Nivoda’s ambitious plans for customer growth, market expansion, global outreach, and category expansion. The company aims to enhance customer experience through product enhancements and fulfillment optimizations.

Jonathan Szwec at Avenir emphasized Nivoda’s unique ability to transform the jewelry market, stating, “The Nivoda team is uniquely equipped to revolutionize how jewelry reaches the retail market. Through their extensive on-the-ground experience as operators, they understand the intricacies within the global diamond and jewelry value chain.”

Key priorities include:

  • Customer Growth and Market Expansion: Nivoda is intensifying its efforts to acquire new customers and expand its footprint within the industry. The platform has already shown its potential to address critical pain points for customers, and Nivoda intends to scale its impact.
  • Global Expansion: Nivoda is exploring geographical expansion opportunities in regions with strong product-market fit, such as China and Japan, to deliver unparalleled value to jewelers around the globe.
  • Category Expansion: Nivoda is poised to broaden its services by becoming a one-stop shop for jewelers, enabling them to source everything they need on a unified platform. This means expanding inventory to gems, melee and jewelry.
  • Optimizing Customer Experience: Nivoda is committed to delivering an exceptional end-to-end customer experience, including product enhancements, fulfillment optimizations, and seamless platform navigation.

The company has already begun enhancing its services with the recent launch of Nivoda Express, a new fulfillment service which enables 2-3 day delivery on select stones. In addition, workstreams have already kicked off to make Memo/Appro – a way for retailers to display and sell jewelry items in their stores without purchasing them outright from suppliers – available sometime in 2024.

In preparation for the exciting journey ahead, Nivoda plans to double its team size over the next year to support its ambitious goals.