NEW YORK--(BUSINESS WIRE)--TrueFacet, the leading online destination to buy and sell pre-loved designer jewelry and watches, announced today the close of a $6 million Series A Round led by Maveron LLC. Participation included Freestyle Capital, Social Leverage, Founders' Co-op, Trilogy and Liquid2 Ventures, owned by famed football legend Joe Montana, and global marketplace investors Rahul Mehta and John Lindfors. The company also recently appointed Francois Kress, current CEO of Carolina Herrera, and former CEO and Managing Director of Bulgari, to join its Board of Directors.
“We created TrueFacet to enable the luxury consumer to buy, sell or trade any item in their jewelry collection in a trusted manner and at a fair price,” says Tirath Kamdar, CEO of TrueFacet. “We are thrilled to work with a group of seasoned investors who are supporting us on our journey toward becoming the leading jewelry marketplace globally.”
Since its launch in 2014, TrueFacet has achieved sales growth of 120% + quarter over quarter due in part to its unique access to supply. TrueFacet currently lists over 50,000 jewelry and watch items from more than 70 brands, including: Tiffany & Co., Cartier, Rolex, Omega, Hermes, and more.
"TrueFacet is rapidly transforming the opaque and illiquid pre-loved jewelry market by providing consumers with fail-proof counterfeit detection, deep value and unmatched supply,” said Jason Stoffer, a partner at Maveron. “Born and raised in a jewelry family with generations of experience in the industry, TrueFacet CEO Tirath Kamdar’s background gives TrueFacet an unfair advantage in aggregating supply globally and developing partnerships with leading luxury brands and retailers as they move their businesses online."
At TrueFacet, jewelry and watch prices are established with the best value in mind for both sellers and buyers. Pieces are listed at 30%-70% below retail; sellers receive up to 85% of the sale price. This year alone, TrueFacet has sold the following rare hard-to find pieces: 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 offers a unique pricing system, allowing customers to receive the best price in a competitive market. For example, a client who loves to sell with TrueFacet, recently sold a mix of best-selling branded jewelry and watches. TrueFacet sold all of the items within two months and the client received a $9,000 check, 20% higher than what competitors offer.
Most recently, TrueFacet launched its Concierge Service, where buyers can text, call, email or live chat the most extravagant or everyday jewelry and watch wishes. Response time is less than 24 hours. In just days, TrueFacet sources the item, offers clients the best price guarantee, and provides the TrueFacet Valuation Report which stands for warranty and authenticity. Since the launch of this unique service, TrueFacet has seen hundreds of requests per week and is growing rapidly.
Based in New York, TrueFacet is the online destination for pre-loved designer jewelry and watches where individuals can shop and sell with confidence. Every item is best priced and subject to a rigorous authentication process. The company was founded by Tirath Kamdar and Chris Chan in December 2013 in New York, launched in May 2014. TrueFacet is a venture backed company; supported by top VC’s including Maveron, Freestyle, Trilogy, Social Leverage, and Founders’ Co-op, along with several Angel investors. To learn more, visit: www.TrueFacet.com