WatchBox secures $165 million to fund expansion
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Luxury watches online platform, WatchBox, has raised US$165 million of equity capital led by The Radcliff Companies and The Spruce House Partnership.
The lead investors were also joined by CMIA Capital Partners together with other existing investors. The funds raised will be invested in scaling its digital platform and expanding into new markets, according to the company.
“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,” said Justin Reis, co-founder, and global CEO at WatchBox. “With that foundation, we are now able to use technology to create the best customer experience in the industry.”
Founded in 2017 by Justin Reis, Tay Liam Wee, and Danny Govberg, WatchBox has global locations in the US, Hong Kong, Singapore, Switzerland, and Dubai, with additional locations on the way. WatchBox is endorsed by professional athletes and watch enthusiasts including Giannis Antetokounmpo, Chris Paul, Devin Booker, and Karl Anthony Towns.
“We are reshaping the way high-value luxury is transacted online,” added Reis. “We built our proprietary concierge platform to enable efficiency and scale as we build personal connections with collectors around the world.”
Questions & Answers
Q.Which investment firms led the funding round for WatchBox?
Which investment firms led the funding round for WatchBox?
The equity capital raise was led by The Radcliff Companies and The Spruce House Partnership. CMIA Capital Partners and other existing investors also participated in the funding round.
Q.What does WatchBox plan to do with the US$165 million it has raised?
What does WatchBox plan to do with the US$165 million it has raised?
The company intends to invest the funds in scaling its digital platform. They also plan to use the capital to expand into new markets as part of their growth strategy.
Q.Who are the founders of WatchBox and when was the company established?
Who are the founders of WatchBox and when was the company established?
WatchBox was founded in 2017 by Justin Reis, Tay Liam Wee, and Danny Govberg. Justin Reis also serves as the global CEO of the company.
Q.Which professional athletes are known to endorse WatchBox?
Which professional athletes are known to endorse WatchBox?
Professional athletes and watch enthusiasts such as Giannis Antetokounmpo, Chris Paul, Devin Booker, and Karl Anthony Towns are mentioned as endorsing WatchBox.
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