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TrueFacet Raises $5M

Jun 12, 2015 1:13 PM   By Jeff Miller
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RAPAPORT... TrueFacet Inc., an online marketplace for pre-owned jewelry and watches, raised $4.79 million in equity financing on June 8, according to a filing with the Securities & Exchange Commission.  The amount includes the conversion of certain indebtedness and some of the proceeds may be used for general working capital purposes, including the payment of salaries and other fees, the filing stated.

Earlier this year, TechCrunch reported that TrueFacet raised $1.7 million in startup financing from  Maveron, Social Leverage, Founders Coop and Trilogy.

The company's founder and CEO, Tirath Kamdar, told AlleyWatch in March that TrueFacet's vision is "to truly transform a huge resale jewelry market from a generations-old analog business into a 21st-century technology-enabled marketplace." Furthermore, the company strives for a transparent and enjoyable jewelry shopping experience that builds trust with consumers and separates counterfeits from authentic jewelry.

"We are a community of appraisers, sellers and jewelry aficionados, all dedicated to bringing a transparent experience every day," Kamdar wrote on the company's website.

Tags: ecommerce, financing, Jeff Miller, preowned jewelry, truefacets
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