Retail in Asia

Wristcheck raises USD 8 million

Hong Kong luxury watch consignment retailer Wristcheck has raised USD 8 million in a seed funding round led by Gobi Partners GBA, and the AEF Greater Bay Area fund.

SEE ALSO: Exclusive interview with Austen Chu from Wristcheck

The funding round included participation from K3 Ventures, a venture capital firm founded by Kuok Meng Xiong.

Wristcheck said the new funds will be put toward regional expansion into new markets in Southeast Asia, as well as the development of new features for its website and app, including a digital portfolio tool, which allows users to catalogue their watch collection and track the current market values of pieces, and watch insurance.

Founded in 2020 by Austen Chu and Sean Wong, Wristcheck takes a fixed rate from each sale, 8 percent from the seller and 4 percent from the buyer.

Since its launch, the platform has attracted more than 50,000 community members amd claims the value of its consigned watches is USD 80 million, a total year-over-year growth of 75 percent.

“Transparency is infused into every aspect of our ethos at Wristcheck and guides our mission of revolutionising the space from one that has been traditionally shrouded in obscurity to a more equitable playing field,” said Chu, co-founder and chief executive of Wristcheck.

“Buyers know what sellers net, and sellers know what buyers pay. We’re incredibly excited to further build our vision of democratising the secondary watch space with our new partners.”