PHILADELPHIA — WatchBox, an online platform for collectible luxury watches, has raised $165 million of equity capital.
WatchBox will invest the capital to “further scale its digital platform, expand into new markets, and enhance what is already the world’s most valuable and extensive inventory selection,” according to a press release.
Lead investors The Radcliff Companies and The Spruce House Partnership were joined by CMIA Capital Partners as well as other existing investors.
Current WatchBox investors include a roster of professional athletes and watch enthusiasts such as Giannis Antetokounmpo, Chris Paul, Devin Booker and Karl Anthony Towns. Other investors include entrepreneurs and executives such as 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.
CNBC reports that the company’s valuation is now approaching $1 billion. Since its founding in 2017, the company has raised $270 million.
With the latest announcement, WatchBox also welcomes three new additions to its board of directors: Jeff Saunders (CTO, Warby Parker); Eli Goldstein (co-founder, The Radcliff Cos.), and David Berkman (managing partner, Associated Partners).
“We are proud to welcome Radcliff and Spruce House to the WatchBox family,” said Justin Reis, WatchBox co-founder and global CEO. “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,” added Reis, “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.”