1. News
April 1, 2019

Online marketplace 1stdibs.com raises $76m to accelerate growth

Luxury furnishings and jewellery marketplace 1stdibs.com has raised $76m in a series D funding round to accelerate growth in the US and international markets.

Luxury furnishings and jewellery marketplace 1stdibs.com has raised $76m in a series D funding round to accelerate growth in the US and international markets.

The investment round was led by funds and accounts advised by T. Rowe Price Associates.

Groupe Artémis, Foxhaven Asset Management, Sofina Group, Allen & Company, and Michael Zeisser, former chairman of US investments for Alibaba Group, also participated in the funding round.

With this funding round, the online marketplace has raised $170m in primary capital since its inception.

"We are now in a position to accelerate growth through investment in the core business, as well as attractive adjacent categories."

The retail marketplace intends to use the funds to invest in its core business, grow adjacent categories, expand internationally and make strategic acquisitions.

1stdibs CEO David Rosenblatt said: “Over the past six years, we have transformed 1stdibs from a listing site to the leading global luxury marketplace for the design world.

“Having established that e-commerce platform, we are now in a position to accelerate growth through investment in the core business, as well as attractive adjacent categories.”

The company sells luxury furnishings, jewellery, fine arts and vintage fashion items. The company transitioned to an e-commerce model in 2013.

It currently has a network of more than 4,200 dealers from 600 cities in 43 countries.

Rowe Price portfolio manager Josh Spencer said: “1stdibs is uniquely positioned in the luxury online marketplace space. We believe that it has a real opportunity to grow in its core and adjacent categories and that its strong management team can guide it to become a much larger company over time.”

1stdibs.com reported sales of $250m last year, a compound annual growth rate (CAGR) of nearly 100%.