Nivoda is a leading diamond and gemstone market. It has secured a primary investment of US$30 million in its Series B investment round. The investment is led by Avenir Growth Capital. But also with the participation of existing investors Headline and Abstract Ventures. Combined with the addition of Canaan Ventures, it marks a significant milestone in the company's vision to transform the jewellery industry.
Taylor Brandt, head of Headline, expressed his enthusiasm for Nivoda's progress, stating the following. «We have been fortunate to work with the Nivoda team since Series A. Since then, Nivoda has proven to be a best-in-class performer. It is therefore funded by venture capital and is a key component. Both for suppliers and diamond buyers around the world with countless opportunities for expansion.».
Andrew Sugrue, partner at Avenir Growth Capital, highlighted Nivoda's unique market position. He said, «We are excited to support Nivoda as it creates the largest global market for the jewellery industry.
Nivoda serves a huge unmet need in the market, which is also evidenced by their best-in-class retention characteristics.».
Nivoda stands out as a pioneering technology company with a mission to revolutionize the jewelry industry. It even offers an integrated platform for both buyers and suppliers.
David Sutton, co-founder and CEO of Nivoda, also stressed the importance of funding. He said, «We are on a mission to create a one-stop shop for jewellers. And this funding is a critical milestone in achieving that vision.».
Nivoda's impressive growth and innovation steps include:
● Astronomical increase in revenue. In December, Nivoda recorded a remarkable year-on-year revenue growth of 140%.
● Expanding the customer base. The company's active customer base increased by 162%. Also the number of orders increased by 124% year on year in December ’23.
This new round of funding will fuel Nivoda's ambitious plans for customer growth. Also market expansion, global reach and category expansion. So the company's goal is to improve the customer experience by improving products and refining the integration process.
Avenir's Jonathan Szwec also highlighted Nivoda's unique ability to transform the jewellery market. He said : «The Nivoda team is uniquely equipped to revolutionise the way jewellery reaches the retail market.
Through their extensive on-the-ground experience as entrepreneurs, they understand the intricacies within the global diamond and jewellery value chain.».
Key priorities include:
● Customer development and market expansion. Nivoda is intensifying its efforts to acquire new customers and expand its footprint in the industry. The platform has already demonstrated its potential to address critical customer pain points and Nivoda intends to scale its impact as well.
● Global expansion. Nivoda is exploring geographic expansion opportunities in regions with strong product-market fit. Such as China and Japan, to offer unparalleled value to jewelers around the world.
● Extension of categories. Nivoda is therefore ready to expand its services. Becoming a one-stop shop for jewellers, enabling them to source everything they need on a single platform. But that means expanding its stock in gems, melee and jewellery.
● Optimising the customer experience. Nivoda is committed to delivering an exceptional customer experience from end to end. Including product enhancements, service fulfillment optimization and seamless platform navigation.
The company has already started to strengthen its services with the recent launch of Nivoda Express. A new implementation service that allows 2-3 days delivery on selected stones.
In addition, work has already started on making Memo/Appro available. A way for retailers to display and sell jewellery in their stores without buying it directly from suppliers, sometime in 2024.
To prepare for the exciting journey ahead, Nivoda plans to double the size of its team in the coming year to support its ambitious goals.
For more information or media enquiries, visit www.nivoda.com or contact press@nivoda.com.
