MarketOrders, a new B2B marketplace for the gold and diamond jewellery industries, has secured a funding beyond its expectations.
Raising money on crowdfunding platform, Crowdcube.com, the London-based start-up secured £448,420 from 214 investors.
MarketOrders 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 is on a mission to transform the way in which independent retail jewellers purchase gold and diamond products from suppliers. Specifically, MarketOrders uses technology to ensure jewellers can get the products they need faster, cheaper and directly from global suppliers, while cutting out the middle man.
Having been self-funded to-date, this first round of external funding will help MarketOrders grow its offer exponentially. The firm plans 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.
MarketOrders is also setting its sights high on the power of blockchain technology to weed out bad actors and money from the jewellery supply chain.
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.
Co-founder and COO of MarketOrders, Sukhi Jutla, says:: “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.”
“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,” adds co-founder and CEO of MarketOrders, Ram Krishnna Rao.
MarketOrders and its founder Sukhi Jutla have already won 17 awards, with Jutla recently named Female Entrepreneur of the Year 2019 (UK) by Acquisition International, with the company also picking up a gong for Best Online B2B Platform Development 2019 (UK).
Sukhi Jutla is also part of the Mayor of London’s new group of leading figures from across the capital’s businesses who will help him shape London’s skill system to better the needs of the capital’s employers.