Nivoda, a digital marketplace focused on the diamond industry, has raised €48.4 million in its latest funding round. The investment, led by Northzone with participation from existing investors Avenir, Headline, Abstract Ventures, and Canaan Partners, brings the startup’s total funding to €91.2 million.
“The diamond trade is a $100+ billion industry that still operates in a very local and fragmented way. Providing access to a global supply chain is transforming a centuries-old business. The success of this transformation, although we’re still at the early stages, has allowed us to raise investment this year in a challenging funding market,” said Nivoda CEO and co-founder Dave Sutton. “This investment is a testament to the hard work of our team and the trust that our partners and customers place in us.”
Founded in 2017, Nivoda has developed a customer-centric supply chain for the diamond trade. With this new funding, the company plans to expand its operations beyond diamonds, introducing a marketplace for gemstones and jewellery, further developing the industry’s traditional, fragmented supply chain.
According to Nivoda, the platform offers jewellers access to the largest collection of natural and laboratory-grown diamonds, enabling retailers to streamline their purchasing process through multi-faceted inventory searches, stone reservations, simple returns, and online tracking of orders and invoices. This efficiency and transparency addresses long-standing challenges in the diamond trade, providing a competitive edge for retailers.
“Nivoda has quickly emerged as a category-defining company that powers small retailers around the world. Nivoda is building a truly pioneering technology platform that creates value for all stakeholders across the ecosystem including consumers, suppliers, and retailers. We had the privilege of getting to know Dave and the team for over a year prior to investment and are very excited to partner with them on this journey,” said Sanjot Malhi, partner at Northzone.
With this investment, Nivoda is well-positioned to continue its growth, leveraging its dual headquarters in London and New York.
Read the orginal article: https://www.eu-startups.com/2024/11/london-based-nivoda-secures-e48-4-million-to-expand-its-global-diamond-and-gemstone-supply-chain/
