MarketOrders, a B2B marketplace for the gold and diamond jewellery industries, has announced it has overfunded on Crowdcube.com, raising a total of £448,420 from 214 investors.
The start-up plans to use the funding to officially launch its platform, which will use innovative blockchain technology to make the jewellery buying process more transparent.
Founded in 2016 by Sukhi Jutla and Ram Krishnna Rao, MarketOrders aims to transform the way in which independent retail jewellers purchase gold and diamond products from suppliers. Specifically, the company said it uses technology to ensure jewellers can get the products they need “faster, cheaper and directly from global suppliers, while cutting out the middleman”.
The firm said it planned on making a number of strategic tech hires, who will primarily focus on developing the platform, which is currently in beta phase. The funding will also enable the start-up to bring on board a number of international suppliers and invest significantly in marketing.
As the first fully end-to-end B2B marketplace for the jewellery industry, MarketOrders is also setting its sights on the power of blockchain technology to weed out “bad actors” and money from the jewellery supply chain. As demand for gold jewellery continues to grow – in 2018, 48% of gold demand was consumed as jewellery – this will be critical to ensuring greater transparency at an industry level.
The crowdfunding campaign offered rewards ranging from discounts on products available through the MarketOrders marketplace, to a limited-edition solid gold 22-carat coin and 22ct jewellery set.
Sukhi Jutla, co-founder and COO of MarketOrders, said: “We’re thrilled to have exceeded our crowdfunding target, and this funding will make a huge difference as we look to expand our exceptional team and invest heavily in updating our platform. We are passionate about supporting independent retail jewellers, and we strongly believe this marketplace will put the power back into their hands.”
Ram Krishnna Rao, co-founder and CEO of MarketOrders, added: “Having worked on a number of jewellery ventures in the past, I feel confident that we’ve got a strong business model in MarketOrders. There was a clear gap in the market for an online marketplace that provides independents with superior buying benefits, and we’re excited to roll the platform out to more retailers and suppliers in the coming months.”