TrueFacet, a NYC-based online destination to buy and sell used designer jewelry and watches, closed a $6m Series A funding.
The round was led by Maveron LLC with participation from Freestyle Capital, Social Leverage, Founders’ Co-op, Trilogy and Liquid2 Ventures, owned by football legend Joe Montana, and global marketplace investors Rahul Mehta and John Lindfors.
The company will use the funds to continue to expand operations.
The company also recently appointed Francois Kress, current CEO of Carolina Herrera, and former CEO and Managing Director of Bulgari, to join its Board of Directors.
Launched in 2014 and led by Tirath Kamdar, CEO, TrueFacet currently lists over 50,000 jewelry and watch items from more than 70 brands, including Tiffany & Co., Cartier, Rolex, Omega, Hermes, and more, at 30%-70% below retail. Its pricing system allows customers to receive the best price in a competitive market as sellers receive up to 85% of the sale price.
Most recently, the company launched its Concierge Service, where buyers can text, call, email or live chat everyday jewelry and watch wishes. Response time is less than 24 hours and in some days TrueFacet sources the item, offers clients the best price guarantee, and provides a valuation report which stands for warranty and authenticity.