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Pre-Owned Jewelry Website Seeks to Raise $10M
TrueFacet has secured $7.1 million from investors in its latest round of funding and wants $2.8 million more.
Jewelry and watch e-tailer TrueFacet expanded from online to off this holiday season, opening a boutique in Menlo Park, California, in conjunction with Stephen Silver Fine Jewelry.
New York—TrueFacet, an e-commerce site that sells both new and pre-owned jewelry and watches, has its sights set on another round of funding.
In a Dec. 26 filing with the Securities and Exchange Commission, the New York based-company indicated it recently raised $7.1 million from investors and is seeking to secure $2.8 million more, for a total of $9.9 million.
The e-commerce site has raised millions in the past several years, including $6 million in its startup round of funding led by Maveron LLC in September 2016, and has continued growing.
Launched in 2014 and then relaunched the following year after a complete redesign, TrueFacet started as a marketplace where consumers could buy and sell used jewelry.
From there, it has expanded into new jewelry and watches; added a brand-certified category, which encompasses used jewelry and watches supplied to the website directly by the companies that made them; and this fall, it started a service developing and managing e-commerce sites for brands looking to go direct to the public, with Messika as its first client.
Over the holiday season, TrueFacet took its online presence offline, opening a boutique selling pre-owned watches and jewelry in partnership with Stephen Silver Fine Jewelry, a Silicon Valley-area retailer, on Nov. 14.
Stephen Silver has stores in Redwood City, California, and at the high-end Rosewood Sand Hill Resort in Menlo Park. The Stephen Silver/TrueFacet store also is located at Rosewood, albeit in a separate space from the Stephen Silver store.
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