Beringea and Piton invest $10m in Watchfinder
Beringea and early-stage investor Piton Capital have invested $10m in UK second-hand watch retailer Watchfinder.
The investment, which is split equally between the two firms, will be used to acquire more watches, launch a multimedia marketing campaign, develop the company's servicing centre and provide liquidity for existing shareholders.
Company
Established in 2002, Watchfinder sells second-hand luxury watches from brands including Rolex, Cartier, Tag Heuer, Breitling, Omega and Patek Philippe. It trades through its e-commerce site and its physical shop in the Royal Exchange, which is located next to the Bank of England. The company also operates a servicing centre in Maidstone for repairs and testing.
Watchfinder claims to attract 4.4 million unique visitors to its website each year, and has recorded sales of more than £120m since inception.
People
Stuart Hennell is the founder and CEO of Watchfinder. Karen McCormick is a partner and investment director at Beringea. Greg Lockwood worked on the deal for Piton.
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