B2B marketplace startup for jewellery tech overfunded on Crowdcube
Today (July 2), B2B marketplace MarketOrders has overfunded on Crowdcube.com, raising a total of £448,420 from 214 investors.
The startup 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 aiming to change the way in which independent retail jewellers purchase gold and diamond products from suppliers.
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.”
The firm plans on making more tech hires, who will primarily focus on developing the platform, which is 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.
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.”
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