TrueFacet raises $6 million in Series A funding round

By

Obi Anyanwu

Published
Sep 22, 2016

TrueFacet, the New York-based online destination for pre-loved jewelry and watches, announced on Wednesday the close of a $6 million Series A funding round led by Maveron. 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 are the participates of the funding round.

 
Founded by Tirath Kamdar and Chris Chan in December 2013, TrueFacet lists over 50,000 jewelry and watch items from over 70 brands including Tiffany & Co., Cartier, Rolex, Omega, and Hermès among others. Since the brand’s launch 2014, TrueFacet has achieved sales growth of 120% quarter over quarter.
 
The company recently launched its Concierge Service where buyers can text, call, email or live chat about watches and jewelry.

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“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,” said 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.”
 
In addition to the Series A funding, TrueFacet appointed Francois Kress to its Board of Directors. Kress is currently the CEO of Carolina Herrera and previously served as CEO and Managing Director of Bulgari.