Diamond marketplace Nivoda has successfully secured $30 million USD in a Series B funding round, led by Avenir Growth Capital with participation from existing investors Headline and Abstract Ventures, and new investor Canaan Ventures.
This funding marks an important step in Nivoda’s strategic plan to expand their influence and operational capacity within the global jewellery market.
Taylor Brandt, Principal at Headline, reflected on the company’s journey since their initial investment in Series A, acknowledging Nivoda’s significant growth and impact on the jewellery supply chain. Brandt noted, “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, highlighted Nivoda’s unique market position. “We are thrilled to back Nivoda as they build the largest global marketplace for the jewelry industry. Nivoda serves a huge unmet need in the market, evidenced in their best-in-class retention characteristics,” Sugrue commented.
David Sutton, Co-Founder and CEO of Nivoda, emphasized the funding’s role in the company’s strategy. “We’re on a mission to create a one-stop shop for jewelers, and this funding represents a crucial milestone in achieving that vision,” Sutton stated.
The fresh capital injection will primarily fund customer growth, market expansion, global outreach, and category expansion efforts. Nivoda is also focusing on enhancing the customer experience through product improvements and fulfillment optimizations. In line with these ambitions, the company plans to double its team size within the next year to better support its expansive goals.
Sugrue further elaborated on the transformative potential of Nivoda in the jewellery sector. “The Nivoda team is uniquely equipped to revolutionize how jewelry reaches the retail market. Through their extensive on-the-ground experience as operators, they understand the intricacies within the global diamond and jewelry value chain,” he added.
Nivoda’s expansion and enhanced platform capabilities could signify more accessible and diverse sourcing options, potentially leading to better pricing and variety in their offerings, further improving their already formidable offering. As Nivoda aims to become a more integral part of the jewellery value chain, their efforts could catalyze further innovations and competitive practices in the marketplace – surely a positive for retailers.
