Digital marketplace Nivoda has announced the successful raising of $51 million in its latest funding round. The funding will support Nivoda’s plans to enhance its supply chain operations and expand its marketplace to include a broader range of jewelry products.
Funding Details and Future Plans
The investment round was led by Northzone, a new investor, with participation from existing investors Avenir, Headline, Abstract Ventures, and Canaan Partners. This funding brings Nivoda’s total raised capital to $96 million.
“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.
Transforming the Jewelry Supply Chain
Nivoda’s platform provides jewellers with access to a broad inventory of diamonds and gemstones sourced from international suppliers, aiming to simplify transactions and address inefficiencies in the supply chain. Features of the platform include a multi-faceted inventory search, stone reservation capabilities, simplified return processes, and online tracking for orders, shipping, and invoices. These tools are designed to help jewellers streamline their operations and navigate the challenges of the competitive jewelry market.
“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 Dave Sutton, Nivoda CEO and co-founder.
Implications for the Industry
Nivoda’s platform reflects the industry’s ongoing shift towards digital solutions, supporting jewellers in adapting to changing market demands. By offering streamlined access to a global supply chain, the platform may enable jewellers to both diversify their offerings and reduce logistical challenges in sourcing diamonds and gemstones, allowing more time to focus on serving their customers.
