1stdibs, whose gross merchandise volume of goods will exceed $500 million in 2011, announced today an investment from Benchmark Capital and the appointment of David Rosenblatt, former DoubleClick CEO, as Chief Executive Officer.
Company Founder Michael Bruno will continue his active role at 1stdibs and maintain majority control of the company. Bruno will be working closely with customers and applying his unique understanding of their needs to drive the company’s expansion, move into new product areas for existing customers and grow traffic.
Rosenblatt, an innovator in creating the category of online advertising as CEO of DoubleClick, engineered its $3.1 billion sale to Google. He is now poised to spearhead 1stdibs’ continued growth, and take the online luxury goods market fully into the digital era. Rosenblatt will continue in his role as chairman of Group Commerce, and as a board member of IAC and Twitter.
The new executive team and financial backing, combined with Benchmark’s expertise in building online marketplaces, is expected to increase 1stdibs’ already impressive growth.
David Rosenblatt (left); Michael Bruno (right)
The new financial backing will enable 1stdibs to solidify the company’s position as a market leader, and fuel expansion both in products and geography, in the United States and internationally. The investment will also be used to make key hires to build out the executive team and other important functions of the business, allowing the company to grow traffic and develop new tools for existing customers.
“We’re delighted that a CEO of David Rosenblatt’s stature will be taking 1stdibs to new heights,” said Bruno. “David’s expertise in building technology based businesses, along with Benchmark’s track record in backing entrepreneurs who are determined to transform markets, is virtually unmatched.”
“Michael sparked a revolution by creating the go-to marketplace for luxury goods, already making 1stdibs an iconic brand among the world’s best dealers and interior designers,” said Rosenblatt. “I’m thrilled at the prospect of partnering with him and Benchmark Capital to scale the business, exposing millions of new customers around the world to 1stdibs.”
Benchmark Capital General Partner Matt Cohler led the investment, and both he and Rosenblatt will join the company’s board of directors. Cohler is a General Partner at Benchmark Capital was the seventh employee at Facebook and a founding team member at LinkedIn. He will tap his firm’s expertise in growing category leaders including Twitter, Yelp, Zillow, OpenTable, and eBay. “Both literally and figuratively, 1stdibs has the goods to significantly extend their leadership position in the online luxury category,” said Cohler, general partner at Benchmark Capital. “We’re confident that David, Michael and the team will lead the company to enormous success.”
As the only online platform that offers a full range of luxury products, 1stdibs enjoys a leadership position in the sale of high-end antiques, 20th century design, estate jewelry and vintage couture. In addition, the site is broadening its already robust selection of fine art and recently announced an expansion into the luxury homes market.
Top designers, dealers and artists have embraced and trust 1stdibs helping it make the transition from foot traffic to online sales. With over 1,200 dealers on the site, and more than 6,000 items sold per month, there’s currently a waiting list of dealers who want to join.
Founded in 2001 by Michael Bruno after visiting Paris flea markets, today 1stdibs is the go-to source for the world’s leading interior designers and in-the-know wealthy consumers to find antiques, design, estate jewelry, vintage fashion and art. With headquarters in New York City, more information can be found at www.1stdibs.com and at 1stdibs Introspective Magazine.