Nivoda, a B2B diamond marketplace, has secured USD $11 million in its Series A funding round. The funding round was led by Headline, a global venture capital firm, and has allowed Nivoda to set its sights on further expanding its service offering and enhancing its customer experience.
Following the arrival of new Nivoda chief product officer James Morgan, who joined the company from Amazon Prime Europe in October 2022, Nivoda has outlined plans to expand its product range to include coloured gemstones. Additionally, the company will focus on introducing shorter delivery times and new payment and credit options to its platform.
Aiming To Make Global Trade Simple
Since launching in 2019, Nivoda’s marketplace has experienced substantial growth, now boasting over 1.6 million natural, laboratory-grown, and melee stones worth approximately USD $4.1 billion.
According to Nivoda’s co-founder and chief executive, David Sutton, the funding round was more than just an infusion of capital. “Within the first couple of calls with Taylor and Mathias from Headline, I could tell they shared our vision for Nivoda,” Sutton said. “They have already helped us unblock parts of our go-to-market and accelerate us in areas across the company. We are proud to have Headline as our lead investor in our Series A.”
Nivoda’s vision is clear: to build a trusted global marketplace for the jewellery industry by focusing on improving the customer experience and making global trade simple. This mission aligns closely with the needs of the UK jewellery industry, which continually strives for improved supply chain efficiency and better service for both retailers and customers.
Aiming To Improve the Diamond Supply Chain
One of the key points of interest for the UK jewellery industry is Nivoda’s potential to improve the diamond supply chain for more retailers – providing a marketplace that quickly sources, checks, and delivers diamonds in a matter of a few days.
Furthermore, Nivoda has demonstrated its commitment to assisting retailers in launching e-commerce presences through API feeds and e-commerce tools, including a Shopify plugin. This e-commerce support is invaluable in today’s digital-first retail environment, and UK jewellers can leverage these tools to enhance their online presence and sales.
The investment underscores the ongoing transformation of the diamond industry towards a more digital, efficient, and customer-focused model – something that both online and traditional bricks and mortar jewellers need to continue to monitor.
