1stdibs raises $42m from Index Ventures, Spark Capital and Benchmark to boost global expansion

1stdibs raises $42m from Index Ventures, Spark Capital and Benchmark to boost global expansion

The online luxury marketplace 1stdibs has received new investment from Index VenturesSpark Capital and Benchmark to help accelerate its international expansion and adoption of new technology.

1stdibs has raised $42 million so far through its Series B funding round. It follows the $60 million that the company raised last year from Benchmark alone in its Series A.

As part of the new investment, Danny Rimer, a General Partner at Index Ventures, and Todd Dagres, a General Partner at Spark Capital, will join the board of directors at 1stdibs. Matt Cohler, a General Partner of Benchmark, already sits on the board.

1stdibs is a premium virtual marketplace, dealing in antiques, fine art and jewelry from selective artists and merchants. To coincide with the new batch of investment, 1stdibs has also revealed the following statistics about its website today:

  • The gross merchandise volume of goods reported to have been sold by 1stdibs dealers will exceed $650 million in 2012, up 30 percent from $500 million last year.
  • 1,700 dealers are on the 1stdibs platform today, up from 1,200 dealers one year ago.
  • 3,000 rare and beautiful objects are now catalogued each week. 9,000 unique items are sold each month, up from 7,000 per month reported at the beginning of this year.

Dagres is also an investor in Twitter, Foursquare and Tumblr. Following the announcement, he said: “We have been closely following how 1stdibs has established itself as a trusted brand and the premiere marketplace for luxury goods. By enabling vintage luxury dealers to transition from foot traffic to online sales without missing a step, 1stdibs is the hub that is serving the huge consumer demand for rare and collectable objects.”

1stdibs says that over the last year, it has tripled its presence in Europe. To try and capitalise on that success, the company will be unveiling a site redesign next month. There’s no word on what it might look like, other than the company’s promise that it will “enhance the buying experience” for its users.

To round off the day’s announcements, 1stdibs has also completed its top leadership hires:

  • Allis Ghim is now VP of Global Sales and Dealer Operations, having previously led eBay’s APAC export business.
  • Adam Karp is Chief Marketing Officer, formerly from American Express and Barnes & Noble.
  • Ross Paul is now the company’s Chief Technology Officer, moving over from his position as VP of Engineering at MLB.com.
  • Richard Pham has been hired as Chief Financial Officer, who was previously VP at Shutterfly.
  • Xiaodi Zhang, previously the Director of Buyer Experience at eBay and Carmine Bruno, who will be Managing Director of 1stdibs in the UK.

1stdibs was founded in 2001 by Michael Bruno, who wanted to bring the Paris Flea Market online to American interior designers. The company is now based in New York, although it also has offices in the United Kingdom.

Image Credit: HENNY RAY ABRAMS/AFP/Getty Images

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