Worthy, an online platform to sell used luxury goods, has raised $8 million in Series B round of funding led by Carmel Ventures.
Founded in 2012 by Ben De-Kalo, Worthy is the rapidly growing on-line marketplace for selling and buying used and pre-owned luxury goods like diamond jewelry, precious stones and high-end timepieces. Till date, it has processed thousands of items worth more than $90 million and continues to grow at a rapid rate. Last year, Worthy expanded its operations that includes the build-out of its New York headquarters with the upgrading its grading labs and investment in its operational and technology infrastructure.
De-Kalo, said, “U.S. households constitute, in effect, the single biggest diamond mine in the world, with over $1 trillion worth of polished diamonds. Any individual who owns a diamond is a stakeholder of this mine. It is estimated that there are only 50 more years’ worth of new gem quality diamonds worthy of excavations. The future of diamonds lays with recycling already-mined diamonds and repurposing them. We provide businesses with direct and trusted access to the significant supply households present, including unique pieces that add a luxury flavor to their showcase.”
With the fresh funds, the Worthy plans to widen its market in USA and also plans to invest in product innovation. Along with it, the 40-people startup plans to add 20 new positions in the next year. Further to the funding, Carmel’s co-founder Shlomo Dovat joined Worth’s board of directors. Around a year ago, it made three important hires – Peter Schneirla as president, Gil Cadot as chief operating officer and Roy Albers as head of evaluations.
Mr. Dovrat, co-founder and general partner of Carmel Ventures said, “We believe there is a significant opportunity in ‘Re-commerce’ for privately owned high value jewelry. Consumers who own high valued jewelry, diamonds, watches and other luxury valuables do not have a fair and convenient alternative to sell them. As a true marketplace, Worthy brings significant value not only to the sellers but also to its buyers, who can buy well-described and professionally authenticated items directly from the public. We at Carmel are committed to invest in companies that aim to transform large markets and we are excited about Worthy’s vision, team and potential. We look forward to work with Worthy’s team and will actively support them as they expand the business.”