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TrueFacet Secures $6M in Funding
The pre-owned jewelry and watch marketplace just closed a Series A round to help it continue its growth.
A screenshot of the homepage of pre-owned jewelry and watch site TrueFacet. The e-commerce site just announced the closing of $6 million in funding.
New York--Pre-owned jewelry and watch marketplace TrueFacet has announced the closing of a $6 million Series A round of funding.
Led by Maveron LLC, participants in the funding included Freestyle Capital, Social Leverage, Founders’ Co-op, Trilogy and Liquid2 Ventures, as well as global marketplace investors Rahul Mehta and John Lindfors.
TrueFacet also recently named Francois Kress, CEO of Carolina Herrera and former CEO and managing director of Bulgari, to its board of directors.
Launched in 2014, the site provides a place for consumers to shop for and sell authentic designer jewelry and watches from brands like Cartier and Chanel.
The company retooled and relaunched late last year, just ahead of the holiday season, giving itself a redesign both in its appearance and its back-end technology.
TrueFacet said that since its launch, it has seen an average of 120 percent quarter-over-quarter sales growth.
The company attributes this to a “unique access to supply”--the family of TrueFacet co-founder and CEO, Tirath Kamdar, has been in the jewelry industry for more than 40 years. The ties and long-term relationships he has in the industry have allowed the company “access to top-tier vendors, suppliers and brands.”
TrueFacet also notes its unique technologies that allow private sellers to easily upload their items and for vendors and retailers to synch their inventories, creating a seamless and intuitive experience.
This year, a few of the items that the site has sold include a Patek 5575-G ($120,000), a Patek pilot Calatrava ($50,000), a Bulgari Serpenti bracelet ($63,000) and a Rolex Daytona Platinum Oyster men’s watch ($75,000).
TrueFacet recently launched a concierge service that allows buyers to text, call, email or live chat the team with jewelry requests. The company then sources the item in a few days’ time.
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