Hong Kong-based luxury watch retailer Wristcheck has secured US$8 million in its seed funding round led by venture capital firm Gobi Partners.
The round was also joined by Singapore investment firm K3 Ventures. The funds raised will fuel Wristcheck’s expansion plans in “underserved” markets in Southeast Asia, along with digital development, including building a mobile app.
The platform was founded by Austen Chu and Sean Wong in 2020 to revolutionise how consumers shop and sell watches. Wristcheck takes a fixed rate from each sale, 8 per cent from the seller and 4 per cent from the buyer. Since its launch, the platform has drawn more than 50,000 community members.
“Combining Hong Kong’s competitive edge as a global-facing watch market with Wristcheck’s leading team and capabilities, we are confident that the company will be able to continue building on their current momentum,” said Chibo Tang, managing partner at Gobi Partners.
Wristcheck opened its first flagship store in Hong Kong in 2021 to further strengthen its omnichannel customer experience.
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