1stDibs, an online marketplace that works with over 4,500 sellers and galleries from over 40 countries to offer unique and high-end furniture, fine art, jewelry, and collectibles on its platform, is reportedly exploring an IPO, according to Forbes. The luxury marketplace is apparently seeking a valuation of at least $1 billion, but the plans haven’t been finalized and could change.
The company was founded in 2001 by serial entrepreneur Michael Bruno and since 2011 has had five funding rounds bringing $253 million in investment to the marketplace. Lead investors in 1stDibs include Alibaba Group, Spark Capital, Benchmark, Insight Partners, and T. Rowe Price.
The company describes itself as having “captured the magic of the Paris flea markets online and continue to set the standard for those seeking the most beautiful things on earth.” The typical items on the marketplace are considerably different from eBay, Etsy, or Poshmark.
For example, on 1stDibs you can find a table being offered today at $1,75 million (‘Le Bureau Du Roi’, a Secrétaire à Cylindre by François Linke, circa 1922) or a dress starting at $780,780 (Escada Monochrome Lace Printed Silk Sleeveless Flounce Midi Dress XL). On the “affordable” end of the marketplace, the price filter starts at the “Under $400” option for many categories.
On its website, the company claims it has a team of over 400 people, transacted $263 million last year on 100,000 orders. It also boasts 2.7 million registered users with an average spent of $4,000 in the first year being a new customer.
Niche marketplaces like 1stDibs have been around for some time, often flying a little under the radar. But with the surge in online commerce due to the COVID pandemic and the expectation online shopping trends will continue even after the pandemic subsides, it seems there is a new IPO gold rush for online commerce companies, including on the super high-end market.
Bloomberg and Forbes both report that 1stDibs declined to comment.
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