WatchBox raises $165 million
WatchBox, “the world’s leading online destination for collectible luxury watches,” has raised $165 million from lead investors The Radcliff Companies and The Spruce House Partnership. CMIA Capital Partners as well as other existing investors participated in the round.
Founded in 2017, WatchBox specializes in selling pre-owned luxury watches and has locations in the U.S., Hong Kong, Singapore, Dubai and Switzerland. It is backed by professional athletes and watch enthusiasts such as Giannis Antetokounmpo, Chris Paul, Devin Booker, and Karl Anthony Towns, Michael Jordan, Michael Strahan, Larry Fitzgerald, Bill Ackman, Marc Lasry, Carvana lead shareholder Ernie Garcia II, Danny Maegaard, Mike Lazerow, Howard Linzdon, and the founders of Warby Parker, Allbirds, and Harry’s.
The company has a partnership with Jewelers Mutual, offering buyers an extended care warranty plan that comes with 3 years of coverage against scratches, water damage, movement failure, and more.
“We are proud to welcome Radcliff and Spruce House to the WatchBox family. Our investors and partners hail from a wide range of industries, from consumer to technology, finance and professional sports, yet we are all bound by our love of watches. When we founded WatchBox, our vision was to build a brand that would engender trust so that we could unite a passionate network of enthusiasts. With that foundation we are now able to use technology to create the best customer experience in the industry. We are reshaping the way high-value luxury is transacted online. We built our proprietary concierge platform to enable efficiency and scale as we build personal connections with collectors around the world. We have an incredible group of dedicated people at WatchBox and, as we reach major milestones such as this one, I feel especially grateful to our team who have all contributed to our growth and success to date” – Justin Reis, WatchBox co-founder and Global CEO.