NEW YORK & LONDON--(BUSINESS WIRE)--Nivoda, the leading digital marketplace and supply chain for the diamond industry, today announced $51 million in funding. This will support global growth of the world’s first transparent, efficient, and customer-focused diamond and gemstone supply chain. Nivoda’s growth is a significant step toward transforming a traditional industry with innovative technology and agile supply chain solutions.
The investment round is led by new investor Northzone who join existing investors, including Avenir, Headline, Abstract Ventures, and Canaan Partners. The new investment will be used to expand Nivoda’s marketplace beyond diamonds and gemstones to all jewelry. This latest round takes the total raised by Nivoda 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.
With consumers having huge choices across online and local favorites, retailers have to differentiate themselves in an increasingly competitive diamond market. Nivoda provides access to the largest supply of diamonds and gemstones via a simple global supply chain. Nivoda helps jewelers to sell more efficiently and effectively by purchasing from multiple international suppliers in a single transaction, multi-faceted inventory search, stone reservations, simple returns, and online tracking of all orders, shipping and invoices. This provides a level of access and transparency that the industry has long needed.
“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.”
About Nivoda
Nivoda is the global supply chain for the diamond and gemstone industries. Founded in 2017 with offices across the globe, Nivoda’s marketplace offers the largest collection of natural and laboratory grown diamonds and gemstones in the world. Backed by venture investors that include Northzone, Avenir, Headline, Abstract Ventures, and Canaan Partners, Nivoda is dual-headquartered in New York and London.