The capital will go toward global expansion and better technology.
1stdibs, an online marketplace for luxury goods, has raised $42 million in its latest funding round, led by Index Ventures and Spark Capital. The company says it raised $60 million about a year ago from Benchmark Capital which also took part in the new round.
1stdibs says it will use the new capital to expand internationally, boost marketing and invest in new technology. Index Ventures general partner Danny Rimer and Spark Capital general partner Todd Dagres will join the marketplace’s board of directors, which already includes Benchmark general partner Matt Cohler.
1stdibs launched in 2001 and sells high-end antiques, art, vintage jewelry and fashion through a network of dealers. The marketplace said this week that the gross merchandise value of goods sold by dealers will top $650 million this year, up 30% from $500 million last year. Some 1,700 dealers sell via 1stdibs, up from 1,200 a year ago. Consumers buy 9,000 items per month via the marketplace, up from 7,000 per month in January 2012, the company says.
"As the online luxury market quickly expands, our strong financial backing puts us in an ideal position to fulfill 1stdibs founder Michael Bruno's original dream of connecting the world's best dealers with consumers who are passionate about extraordinary and one-of-a-kind items,” says CEO David Rosenblatt.