Nivoda, a renowned diamond and gemstone marketplace, has secured a staggering $30 million USD primary investment in its Series B funding round. The infusion of capital, spearheaded by Avenir Growth Capital and bolstered by existing investors Headline and Abstract Ventures, alongside newcomer Canaan Ventures, marks a monumental stride towards the company’s mission of reshaping the jewellery landscape.
Taylor Brandt, principal at Headline, hailed Nivoda’s trajectory, remarking, “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, underscored Nivoda’s pivotal role in the market, asserting, “We are thrilled to back Nivoda as they build the largest global marketplace for the jewellery industry. Nivoda serves a huge unmet need in the market, evidenced in their best-in-class retention characteristics.”
At the forefront of technological innovation, Nivoda aims to revolutionise the jewellery domain, providing an integrated platform for buyers and suppliers alike. David Sutton, co-founder and chief executive officer of Nivoda, stressed the significance of the funding, stating, “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 remarkable growth and innovation milestones include:
Stellar Revenue Surge: December witnessed a staggering 140 percent year-over-year revenue surge.
Expansive Customer Base: The company witnessed a 162 percent surge in its active customer base, coupled with a 124 percent YoY increase in order count in December 2023.
This latest funding injection will power Nivoda’s ambitious plans for customer acquisition, market expansion, global outreach, and diversification. The company aims to elevate the customer experience through product enhancements and streamlined fulfilment processes.
Jonathan Szwec at Avenir reiterated Nivoda’s potential to redefine the jewellery landscape, commenting, “The Nivoda team is uniquely equipped to revolutionise how jewellery reaches the retail market. Through their extensive on-the-ground experience as operators, they understand the intricacies within the global diamond and jewellery value chain.”
Key priorities encompass:
Customer Growth and Market Expansion: Nivoda is intensifying efforts to onboard new customers and extend its presence within the industry.
Global Reach: Exploration of expansion opportunities in regions such as China and Japan to deliver unparalleled value to jewellers worldwide.
Diversification: Nivoda aims to diversify its offerings by transitioning into a one-stop shop for jewellers, expanding inventory to encompass gems, melee, and jewellery.
Enhanced Customer Experience: Commitment to delivering an exceptional end-to-end customer journey through product enhancements and optimised platform navigation.
The company has already commenced augmenting its services with the introduction of Nivoda Express, a rapid fulfilment service guaranteeing two to three-day delivery on select stones. Additionally, initiatives are underway to introduce Memo/Appro—a method enabling retailers to display and sell jewellery items in their stores without upfront purchases from suppliers—slated for release in 2024.
In anticipation of the dynamic journey ahead, Nivoda plans to double its team size within the next year to fortify support for its ambitious objectives.
For further information, visit nivoda.com.
