London-based Nivoda, an online jewellery marketplace, announced that it has secured $30M (approximately €27.92M) in its Series B round of funding.
The round was led by Avenir Growth Capital and joined by existing investors Headline and Abstract Ventures, along with the addition of Canaan Ventures.
Taylor Brandt, Principal at Headline, says, “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.”
Capital utilisation
The funds will help Nivoda boost its focus on customer growth, expand into new markets worldwide, and diversify product categories.
The company aims to improve the customer experience by refining products and optimising fulfillment processes. “And in preparation for the exciting journey ahead, we plan to double our team size over the next year to support our goals,” says Nivoda.
David Sutton, co-founder and CEO at Nivoda, says, “We’re on a mission to create a one-stop shop for jewellers, and this funding represents a crucial milestone in achieving that vision.”
Nivoda’s mission
Founded in 2017, Nivoda is a B2B marketplace that helps jewellery businesses make more money, work faster, and grow. It gives access to a wide range of diamonds and gemstones at the best prices without the risk of keeping inventory.
“The idea of Nivoda was inspired by the ongoing inefficiency of diamond trading. We set out to develop the solution to help businesses, regardless of their size or location, increase their sales and margins, while removing the operational burden of sourcing diamonds,” says the company.
Thousands of retailers trust Nivoda worldwide because it saves time and money. It offers over 1.6 million diamonds, with no membership fees and competitive pricing.
Nivoda also takes care of quality control, invoicing, and delivery, making it hassle-free to buy diamonds internationally.
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