Israeli online marketplace for pre-owned luxury goods Worthy has raised $8 million in a Series B funding round led by Carmel Ventures.
As part of the investment, Carmel's co-founder Shlomo Dovrat has joined Worthy’s board of directors. Other investors in the current round include previous investors such as Dr. Meir Barel, the founder of Star Ventures, and Eddy Shalev, a Worthy board member and the founder of Genesis Ventures. Proceeds of the funding round will be used to expand its marketplace presence across the US as well as towards product innovation.
Worthy, founded in 2012, previously raised over $8.5 million.
Dovrat 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."
Worthy founder and CEO Ben De-Kalo said, "“US 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.”
Worthy is the fastest growing on-line marketplace for the selling and buying of pre-owned luxury goods, such as diamond jewelry, colored stones and high-end timepieces. The platform has processed thousands of items and powered over $90 million worth of estimated merchandise since its launch and continues to enjoy very high growth.
Over the last year, Worthy expanded its operations including the build-out of its New York headquarters with the upgrading its grading labs as well as investment in its operational and technology infrastructure. Worthy's R&D center remains in Israel. The company employs 40 people and is planning to grow by 50% in the coming year.
Published by Globes [online], Israel business news - www.globes-online.com - on October 22, 2015
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