MarketOrders, which taps blockchain tech to make the jewellery buying process more transparent, has kickstarted its crowdfunding campaign on Crowdcube.com.
Aiming to raise a minimum of £400k, the startup plans to use the funding to officially launch its platform. Founded in 2016 by Sukhi Jutla (pictured above) and Ram Krishnna Rao, it is looking to transform the way in which independent retail jewellers purchase gold and diamond products from suppliers.
The venture has been self-funded to-date and will use this first round of external funding to make a number of strategic tech hires, who will primarily focus on developing the platform, which is currently in beta phase. It will also be able to bring onboard a number of international suppliers and invest significantly in marketing.
Rao comments: “Having worked on a number of jewellery ventures in the past, I feel confident that we’ve got a strong business model in MarketOrders. There was a clear gap in the market for an online marketplace that provides independents with superior buying benefits, and we’re excited to roll the platform out to more retailers and suppliers in the coming months.”
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