Luxiee secures six-figure funding from Singapore angel
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Singapore-headquartered online diamond marketplace, Luxiee, has raised a six-figure investment in a private seed-funding round.
The team secured financier Kewee Kho, also vice-chairman of Roadbull Logistics and independent director of Courts Asia, as the leading investor.
Luxiee, launched in January, bills itself as the world’s first online diamond marketplace that connects consumers directly to established suppliers in a transparent matching model that removes the middle-man, resulting in better value for customers. The funds raised will be channeled towards marketing, branding, public relations, and media placement, as well as building the business’ staff.
“It’s about time a traditional industry like diamonds experience a new way of delivering real value to customers. It is a disruption to an old school economy,” said Kho in a statement. “The impressive background of Luxiee’s solid management team, with experts coming together from the creative, digital marketing, and precious gems industries, reinforces my belief in this new and current business model. Transformative growth awaits, and I look forward to an exciting and rewarding journey with the team.”
Luxiee CEO Nicholas Lim said it was exciting to have an experienced investor like Kewee Kho on board.
“We look forward to his strategic direction and advice. His confidence in the business is added assurance to the formula of our business model, and we are driven by opportunities to accelerate our growth.”
Luxiee says the direct connection between supplier and consumer through its platform allows consumers to enjoy up to a 300-per-cent reduction in the diamond price compared with those sold at luxury retail outlets. For example: a 1.0 Carat, F Color, VS2 Clarity, Excellent Cut diamond can sell for as low as SG$7000 (US$5000).
Questions & Answers
Q.What will Luxiee use the recently secured funding for?
What will Luxiee use the recently secured funding for?
The investment funds will be directed towards marketing, branding, public relations, and media placement. Also, Luxiee plans to use the money to expand its staff as the business grows.
Q.How does Luxiee claim to offer better value to customers compared to traditional retail?
How does Luxiee claim to offer better value to customers compared to traditional retail?
Luxiee states its direct connection between suppliers and consumers removes the middle-man, allowing consumers to achieve up to a 300-per-cent reduction in diamond prices compared to luxury retail outlets.
Q.Who is the main investor in Luxiee's recent funding round?
Who is the main investor in Luxiee's recent funding round?
Kewee Kho is the leading investor in Luxiee’s private seed-funding round. He is also the vice-chairman of Roadbull Logistics and an independent director of Courts Asia.
Q.When was Luxiee launched and what is its primary business model?
When was Luxiee launched and what is its primary business model?
Luxiee was launched in January and operates as an online diamond marketplace. Its model connects consumers directly with established suppliers, promoting transparency and removing intermediaries.
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