Verado, a London-based tech company providing state of the art verification and valuation methods for pre-owned luxury goods, has just closed a £300,000 ($387,000) funding round and is scheduled to launch in the coming weeks.
The company’s online platform will replace its previous website watchr.co.uk, and promises to simplify the process of buying and selling high-quality used items, whilst removing fraud and unfair pricing models in the secondary market. It will enable buyers to purchase high-end watches, jewellery and gemstones with an absolute guarantee of authenticity and quality through its cutting edge approach to product verification. It will also provide sellers with the most accurate and competitive valuation of their item, and the ability to trade independently with buyers, intermediary-free.
The secondary market is expected to be worth £2.75bn by 2025, but fraud, counterfeits and skewed pricing models are rife in the space. This, and the fact that both buyers and sellers are forced to shop around dealer-to-dealer to get the best price, means their experience lacks the comfort and ease normally equated with high-value transactions. Verado sets out to combat these issues, pledging to protect everyone throughout their transaction.
The company’s pre-listing verification process uses technology to identity check all sellers and authenticate their item. Once an item is sold, Verado then uses manufacturer-certified inspectors to check its condition, documentation and working parts before it is released. This is the first time ever that a company has blended technology and human expertise to provide safeguards in this way.
Verado’s product valuation method is also unique. Using proprietary algorithmic models, it is able to track hundreds of thousands of data points from across the web on past and current pricing trends. By cross-referencing these with its own internal database of historical transactions, it is able to formulate the most competitive listing price for all items. It’s at the same time fair for buyers and lucrative for sellers.
Verado’s founder and CEO, Claudio de Giovanni, has a track record of building and scaling successful online businesses right across the globe, and is passionate about technology’s faculty to fix any age-old problem. He says: “People want meaningful experiences and guaranteed authenticity when they buy second-hand luxury products, but this need has been vastly overlooked until now. Technology can improve user experience, whilst also eradicating fraud and unfair valuations. We’re deeply dedicated to this cause, and will continue to develop tools and processes that make it a reality.”
Verado is based in London, and is backed by investors that include: Chris Fung (Ex-CEO of Crussh Foods), Vishal Mehta (Director of White Hope Holdings and Dimexon), Petrone Group and a prominent enterprise in the diamond industry.
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