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1stdibs began pushing the antique trade into the 21st century a long time ago. Apparently, investors think that this can go further and faster with new funding of $ 76 million. That's how the New York-based company, under the age of 18, has closed for its D Series, led by T. Rowe Price Associates, with previous sponsors Index Ventures, Benchmark and Spark Capital.
The company now claims a valuation well over $ 500 million, says the WSJ.
1stdibs has always been an interesting startup, adored by antique dealers who use it and who, apparently, was afraid of it. When, in 2016, 1stdibs became harder to tax each sale on its platform and rely on it to generate revenue, more than 30 dealerships would have met at a Lower Design store. Manhattan complained about the development, complaining that the company had begun to take advantage of revenue growth on its relationship.
Of course, the venture capital funding – and the company has now raised $ 170 million – is meeting expectations. And despite opposition from dealers, they have apparently remained loyal to the platform, which indicates that an average of 50 items selling over $ 5,000 sell daily on its platform, and that 15 of between them are sold at more than $ 10,000. (A quick scan suggests a very wide range, with many items priced at $ 5,000 or less, but many with much richer price tags, like a three-carat ruby and diamond ring available right now on the site for $ 200,000, and a chandelier dating back to around 1870 and available now on the site for over $ 300,000.)
Venture capital financing also comes with competition. Indeed, while 1stdibs is perhaps the oldest in the online antiques market, other more recent companies have appeared on the scene. Many have also raised venture capital funds and are growing rapidly, including The RealReal, founded in 2011. sells antique jewelery, home furnishings and clothing, and suspects a public offer; and Chairish, founded in 2013, which sells vintage and used decor. Chairish has only raised $ 16.7 million of investors so far. RealReal raised $ 288 million.
Indeed, a battle for brand recognition could eventually cause 1stdibs to follow in the footsteps of a growing number of previously exclusively online markets, which are now extending their reach into the offline world.
Although the company already has a site in New York, CEO David Rosenblatt, CEO of the late nineteenth century, told the WSJ, in the Terminal Stores building in New York, that was taking place in a long building from one block. to be in his future.
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