Buying designer jewelry online can be a bit dicey, and when we’re talking about pieces that can cost tens of thousands of dollars – and that’s in pre-owned jewelry dollars – it’s also pricey and how can you be sure that you’re getting the real deal?
That’s what sets TrueFacet apart.
It’s an online marketplace for pre-owned designer jewelry, and watches and the company differentiates itself by offering buyers and sellers a trusted authentication process and best value guarantee with its real-time pricing engine and refurbishment process. And when you’re buying brands like Cartier, Tiffany, David Yurman, Rolex, Patek Philippe, Chanel, Michael Kors and Ippolita, you do want to make sure that you’re getting the real thing – and the real deal.
TrueFacet offers both, and currently features over 70 brands. And counting.
“We have the vision to truly transform a huge resale jewelry market from a generations old analog business into a 21st century technology-enabled marketplace,” said TrueFact CEO and founder Tirath Kamdar. “We founded our company because people don’t know where to go or who to trust when jewelry shopping, and we wanted to turn this around and have it be a transparent and enjoyable experience. Putting an end to fakes in the marketplace is very important to us, and thus far, we’ve caught 350 counterfeits out of 10k pieces examined, and 84% of people don’t know what their jewelry is worth. People get only 15-20% on the dollar back when selling jewelry in offline channels.”
Products typically range from $150-$25,000, are up to 70% off retail.
Kamdar tells us more about the funding and the company’s plans going forward:
Who were your investors and how much did you raise?
We raised $1.7 million in seed funding from Maveron, Trilogy, Howard Lindzon at Social Leverage, Founder’s Co-op, and several top angel investors
Tell us about your service.
TrueFacet is a leading jewelry marketplace featuring certified, authentic pre-owned designer jewelry and watches.
How is it different?
The company differentiates itself by offering buyers and sellers a trusted authentication process and best value guarantee.
We choose Techstars Seattle because of the strong ecommerce presence in the area, with Amazon, Zillow, etc.
What did you miss most about being away from NYC?
The vibrancy of the city, the luxury markets, and the growing tech community.
What market you are targeting and how big is it?
The second-hand jewelry/watch space, which is $10.6 Billion in the US alone
What’s your business model?
A jewelry-focused marketplace where sellers can get real-time pricing of their items and shoppers can shop with confidence, knowing every item is authenticated and best priced.
What was the funding process like?
We set out to work with folks that would make wonderful long-term partners and add value outside of money. We’re glad to have found a wonderful combination of investors that include those that have started businesses and also those that add strategic value.
What are the biggest challenges that you faced while raising capital?
Just ensuring that we bring on folks that bring long-term value.
What factors about your business led your investors to write the check?
Our vast previous jewelry experience, combined with our technology expertise to turn this huge resale jewelry market from a generations old analog business into a 21st century technology-enabled marketplace
What are the milestones you plan to achieve in the next six months?
Continue to grow monthly by 20-25%and to build the best customer jewelry re-sell experience on mobile
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Focus on the customer and a real problem. If you’re solving a real large problem for them, the capital and all else will take care of itself.
Is there a particular designer or designers or type of jewelry that’s most in demand, that you’ve seen so far?
Our current top designers areCartier, Tiffany, David Yurman, Rolex, Patek Philippe, Chanel, Michael Kors and Ippolita.
Where do you see the company going now over the near term?
To continue to provide a safe place for consumers to buy and sell designer jewelry and watches, achieving the best value while experiencing superior customer service.
Which NYC bar do you consider your gold standard?
The Royalton Hotel bar. It’s a classy place to get work done also.