With a Series D round under its belt, the New York-based high-end marketplace 1stdibs has notched $76 million in funding. T. Rowe Price Associates led the round for the company, which offers products such as antique and modern furniture on its site. Other participating investors included prior backers Benchmark, Spark Capital and Index Ventures, according to reports.
Foxhaven Asset Management, Allen & Company and Sofina Group also participated in the round, along with Michael Zeisser, Alibaba Group’s former chairman of U.S. investments. The company now reportedly has a valuation of more than $500 million and has taken in $170 million in venture capital funding.
According to reports, 1stdibs claims that an average of 50 products sells for over $5,000 each day, and that 15 of those items sell for more than $10,000. While many vintage products have a price of $5,000 or less, a three-carat ruby and diamond ring is marketed for $200,000. Other higher-end items include a chandelier that reportedly dates back to the late 1800s.
As part of 1stdibs’ efforts to cement its position in the luxury marketplace, the company has offered online and physical content since around 2006, as well as a print catalog. However, the company doesn’t speak to only one audience with its content.
Anthony Barzilay Freund, editorial director and director of fine art at the retailer, told PYMNTS in a February interview that it has to come across to a “very sophisticated audience who expect a high level of content,” and “also an audience that knows a little less” about the products, dealers and artists featured by 1stdibs. For 1stdibs, catalogs, in addition to other forms of content, help with SEO while also communicating to shoppers why they should purchase vintage items and other products on the marketplace. The company currently has around 860,000 product listings from over 4,000 dealers.