Led by Gobi Partners GBA, which oversees Alibaba’s Hong Kong Entrepreneurs Fund and the AEF Greater Bay Area fund.
The funding round included participation from K3 Ventures, a venture capital firm founded by Kuok Meng Xiong, grandson of Malaysia’s richest person Robert Kuok.
“We're the first [resale], asset-light watch platform based out of Asia that is actually recognized globally,” says Austen Chu, 26, co-founder and CEO of Wristcheck.
Launched in 2020, Wristcheck claims the value of its consigned watches is $80 million, a total year-over-year growth of 75%.
The start-up offers fixed rates for their luxury watch resales, at 8% for sellers and 4% for buyers.
The fresh capital will assist Wristcheck’s regional expansion into “underserved” markets in Southeast Asia.
Wristcheck has amassed over 80,000 community members.
Emerging from the pandemic, younger consumers are buoying the global market for secondhand luxury watches.