Jewellery marketplace startup launches £400k crowdfunding campaign with Crowdcube

B2B marketplace MarketOrders has kickstarted its crowdfunding campaign on Crowdcube.com today (May 29).

Aiming to raise a minimum of £400k, the jewellery marketplace startup plans to use the funding to officially launch its platform, which will use blockchain technology to make jewellery buying process more transparent.

Founded in 2016 by Sukhi Jutla and Ram Krishnna Rao, MarketOrders hopes to change the way independent retail jewellers purchase gold and diamond products from suppliers.

Sukhi Jutla, co-founder and COO of MarketOrders, said: “We’re thrilled to be crowdfunding for MarketOrders, 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 been self-funded to-date, this first round of external funding aims to help MarketOrders grow its offer. The firm plans on making strategic tech hires, who will primarily focus on developing the platform currently in beta phase.

The funding will also enable the startup 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 high on the power of blockchain technology to weed out bad actors and money from the jewellery supply chain.

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.”