Europe-based Watchmaster, a platform for pre-owned luxury watches, has raised $8 million in Series B funding. Cherry Ventures led the round with participation from other investors that included Piton Capital. In addition to the funding, Daniel P. Glasner of Cherry Ventures has been added to Watchmaster’s board.
Berlin, 02 February 2016. Today Watchmaster announced the closing of its 8m USD Series B financing round led by Cherry Ventures who already invested in the company’s previous financing rounds; UK-based VC Piton Capital participated as well.
Beside the two venture capital firms, Zalando founders Robert Gentz and David Schneider participated in this financing round and therewith joined the group of notable entrepreneurs backing the company.
Watchmaster, founded in May 2015, is trading pre-owned watches across entire Europe. The company sources these watches from both, consumers and watch dealers and provides value-adding services such as refurbishment and certification.
The new funds will be used to further develop the business within Europe and launch first non-European markets.
“We liked the Watchmaster team, the market and the business model from the very beginning. What really excited us was the traction the company showed over the last months. We strongly believe that they will be shaping a large global market that has been untouched for decades with their combination of strong execution and deep tech understanding.” says Daniel P. Glasner from Cherry Ventures who will join the Board of the company.
Founded in May 2015, Watchmaster is an international full-service trading platform for pre-owned luxury watches. Watchmaster was founded by Stephan Heller, Ronny Ahlswede, Tobias Glinzer and serial entrepreneurs Philipp Magin and Ronny Lange (both CityDeal/Groupon and Quandoo) as founding investors. The company has raised about 15m USD from among others UK-based VC Piton Capital, Cherry Ventures and Zalando founders Robert Gentz and David Schneider. Today more than 70 people across Europe, Asia and the United States work for Watchmaster
For more information visit www.watchmaster.com
About Piton Capital:
Piton Capital is a venture capital and growth equity firm based in London. It focuses on investments in online companies with network effects, such as marketplaces and exchanges. Its founding partners have deep entrepreneurial and investment experience, and have been instrumental investors in Betfair and QXL Ricardo, amongst others. Piton’s portfolio consists of companies like Fanduel, AUTO1 Group, DaWanda, Quandoo (recently sold to Recruit), docplanner, dutycalculator (recently sold to Borderfree), watchfinder, treatwell (recently sold to Wahanda) and videdressing. For more information, please visit http://pitoncap.com
About Cherry Ventures:
Cherry Ventures is a Berlin based, European focused early stage tech investor founded and managed by three entrepreneurs that is able to invest significant capital from seed to series B while also providing relevant, hands-on support to its portfolio companies.