Worthy Raises $8 Million in Funding Round
October 26, 15(IDEX Online News) –Worthy, an online marketplace for pre-owned luxury goods, has raised $8 million in a second round of funding Led by Carmel Ventures. Proceeds of the funding round will be used to expand its marketplace presence across the US as well as towards product innovation.
“US households constitute, in effect, the single biggest diamond mine in the world, with over $1 trillion worth of polished diamonds,” said Worthy founder and CEO Ben De-Kalo.
“Any individual who owns a diamond is a stakeholder of this mine… The future of diamonds [lies] 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."
As part of the investment, Carmel's co-founder and general partner, Shlomo Dovrat, joined Worthy's board of directors.
“We believe there is a significant opportunity in 're-commerce' for privately owned high value jewelry,” said Dovrat.
Worthy has processed thousands of items and powered over $90 million worth of estimated merchandise since its launch in 2012. Over the last year, Worthy expanded its operations including upgrading its grading labs as well as investment in its operational and technology infrastructure. The company employs 40 people and is planning to grow by 50 percent in the coming year.