TrueFacet operates an online marketplace for authenticated pre-owned designer jewelry and watches, pairing rigorous authentication with pricing transparency. Since its launch in 2014 the company lists over 50,000 items from more than 70 brands and reports sales growth of 120%+ quarter-over-quarter. Pieces are typically listed at 30–70% below retail while sellers receive up to 85% of the sale price, and the company highlights several high-value individual sales. TrueFacet recently launched a Concierge Service that fields hundreds of requests per week with response times under 24 hours and provides a TrueFacet Valuation Report that serves as warranty and authenticity. Leadership was bolstered by appointing Francois Kress to the board. The company is based in New York and was founded by Tirath Kamdar and Chris Chan in December 2013 (launched May 2014). TrueFacet operates an online marketplace and authentication process for luxury jewelry and watches, offering discounts of up to 70% off retail and paying sellers up to 80% of resale value. The company is New York–based and graduated from Techstars Seattle. TrueFacet reported over $280,000 in gross marketplace sales in its first six months and is seeing an average of 20% month-over-month growth in gross merchandise volume. The site now lists more than 20,000 items and has thousands of sellers. CEO Tirath Kamdar founded the company drawing on years of jewelry-industry experience. TrueFacet plans to use the new funding to hire employees and grow its platform. TrueFacet operates an online marketplace for secondhand jewelry that pairs real-time market pricing with an authentication process. Users can submit items and receive a market price in six seconds; accepted items are sent to New York for appraisal and authentication before sale. Inventory ranges from mid-level Tiffany pieces to limited-edition jewelry and watches. The company has processed 10,000 items for certification and currently lists 4,500 items from 2,200 sellers. TrueFacet plans to expand the marketplace (noted as a goal ahead of Valentine’s Day) and focuses marketing on the demand side via partnerships with fashion bloggers and word-of-mouth. The company raised $1.7 million in fresh financing to support that expansion; it was founded by Tirath Kamdar and is a Techstars Seattle alumnus.

Total raised

$10M

Funding rounds

3

Latest round

Series A

Latest activity

Sep 2016