Pre-owned jewelry market platform TrueFacet has raised $2.7 million.
The round was led by venture capital firms Maveron and Freestyle Partners. Also participating were Founders’ Co-op, Social Leverage and Trilogy. The company raised $1.7 million in its first seed round in 2014. All the venture capital firms, with the exception of Freestyle, were also participants in the initial seed round.
Tirath Kamdar, cofounder and chief executive officer of TrueFacet, said the funding helps the company grow its leadership through the addition of more staffers. The site offers buyers and sellers of pre-owned fine jewelry and watches a process that includes better pricing, authentication and extensive selection.
According to Kamdar, sellers are U.S.-based, while buyers now include a growing base from overseas. Although considered a firm doing business in the U.S. marketplace, Kamdar said “foreign expansion is a huge component” for the company down the road.
In connection with its funding round, Jenny Lefcourt, a partner at Freestyle Capital, will join the TrueFacet board. Lefcourt is the founder and former ceo of WeddingChannel.com.
Lefcourt said her firm’s investment will help the firm “capitalize on the demand for their service, and accelerate the company’s pace of online innovation.”
Maveron’s Jason Stoffer said, “Tirath has a unique advantage in building this business, bringing together his digital experience with his family’s history as a supplier of fine jewelry to some of the world’s leading luxury brands.”
Kamdar left Fab.com to cofound TrueFacet in December 2013, with the site officially open to the public in May 2014.
The core categories on the site are designer-branded bracelets and rings. Necklaces and earrings are next, with most buyers women who buy for themselves, Kamdar said. “Men who are shopping are buying watches for themselves. At peak gift-giving time, a substantial amount — around 55 percent — are buying for gift-giving for a female,” the TrueFacet ceo noted.