Singapore-headquartered online diamond marketplace, Luxiee, has raised a six-figure investment in a private seed-funding round.
The team secured financier Kewee Kho, also vice-chairman of Roadbull Logistics and independent director of Courts Asia, as the leading investor.
Luxiee, launched in January, bills itself as the world’s first online diamond marketplace that connects consumers directly to established suppliers in a transparent matching model that removes the middle-man, resulting in better value for customers. The funds raised will be channelled towards marketing, branding, public relations and media placement, as well as building the business’ staff.
“It’s about time a traditional industry like diamonds experience a new way of delivering real value to customers. It is a disruption to an old school economy,” said Kho in a statement. “The impressive background of Luxiee’s solid management team, with experts coming together from the creative, digital marketing, and precious gems industries, reinforces my belief in this new and current business model. Transformative growth awaits, and I look forward to an exciting and rewarding journey with the team.”
Luxiee CEO Nicholas Lim said it was exciting to have an experienced investor like Kewee Kho on board.
“We look forward to his strategic direction and advice. His confidence in the business is added assurance to the formula of our business model, and we are driven by opportunities to accelerate our growth.”
Luxiee says the direct connection between supplier and consumer through its platform allows consumers to enjoy up to 300-per-cent reduction in the diamond price compared with those sold at luxury retail outlets. For example: a 1.0 Carat, F Color, VS2 Clarity, Excellent Cut diamond can sell for as low as SG$7000 (US$5000).