The round was led by Roadbull Logistics vice-chairman Kewee Kho.
Diamond marketplace platform LUXIEE has secured a six-figure investment in a private seed funding, led by Kewee Kho, the vice-chairman of Roadbull Logistics and independent director of Courts Asia.
Proceeds will be channeled towards marketing, branding, public relations and media placement, as well as building the business’ talent pool.
The startup prides itself as the world’s first online diamond marketplace that connects consumers directly to suppliers, offering GIA (Gemological Institute of America)-certified diamonds.
The online marketplace aims to disrupt the traditional model of selling diamonds, where each diamond goes through several layers of middle-men before reaching the consumer, thereby resulting in high mark-ups and lack of understanding of its true value.
Consumers can then either select a preferred ring setting or purchase the piece on its own to be set separately later. The firm said that its platform sees a 300% reduction in the diamond price as compared to those sold at luxury retail outlets.
Do you know more about this story? Contact us anonymously through this link.