Exclusive: 1stdibs quietly raised $50 million from Insight Venture Partners

September 9, 2015, 7:15 PM UTC
(NYT10) SAN FRANCISCO -- Feb. 28, 2007 -- 1STDIBS-CRAZE -- Heather Di Petrillo, owner of Heather & Co., in San Francisco, at her store in San Francisco, Feb. 25,2007. Di Petrillo says her business is thriving because of 1stdibs.com. (Peter DaSilva/The New York Times)
Photograph by Peter Dasilva The New York Times/Redux

Antique marketplace 1stdibs has quietly raised between $50 million and $60 million in funding from Insight Venture Partners, Fortune has learned. A portion of the funding went toward buying out the shares of the company’s founder, Michael Bruno, who is no longer involved in the company’s day-to-day operations. Bruno continues to own a 10% stake in the company. The deal values 1stdibs at around $300 million, a source familiar with the company said.

Deven Parekh, a managing director at Insight Venture Partners, has been added to 1stdibs’ board of directors.

The company previously raised $117 million in venture backing across four rounds of funding from Spark Capital, Index Ventures, Benchmark, and Chinese commerce giant Alibaba.

Founded in 2001, the New York-based company quickly become known as a dominant online marketplace for high-end antique and vintage furniture, jewelry and fine art. It started as a listings site, where dealers showcase items for a small fee, but transactions occur offline. The company has been to transitioning 1stdibs into a full-on commerce site, where transactions happen online and the company takes a percentage of each sale. 1stdibs’ revenue remains low relative to the amount of capital it has raised. Last year it brought in around $30 million in revenue, according to a source.

A 1stDibs representative confirmed the investment from Insight Venture Partners but declined to comment on the company’s revenue or valuation.

Update: This story has been updated to note the ownership stake of founder Michael Bruno.

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