Pre-owned watch retailer, Watchfinder has received a $10m (£6.2m) investment from private equity.
The investment was funded 50/50 by Piton Capital, a specialist marketplace investor, and Beringea, a growth capital investor managing the ProVen Capital Trusts.
A company statement said that the investment would be used to “broaden the company’s inventory and offering of luxury timepieces, roll out a multi-media marketing campaign and further fund the watching servicing centre, as well as provide limited liquidity for existing shareholders.”
Stuart Hennell, founder and CEO of Watchfinder, said: “After considering a number of strategic options for the future, we are delighted to be taking on investment from Beringea and Piton, with whom we have a shared vision for the future. Their combined expertise in ecommerce, retail, and international markets should be a great asset.”
Karen McCormick, partner and investment director at Beringea, said: “Watchfinder has become the most trusted retailer for authentic, pre-owned luxury timepieces in the UK, and is uniquely able to offer manufacturer-quality servicing to back up their warranty.
“Over the past 12 years, Watchfinder has really figured out how to make the secondary market for fine watches work, and this is reflected in their outstanding track record of growth and profitability. We’re excited to partner with this strong and well-respected company.”