Berlin-based startup Watchmaster has raised €9 million in equity funding and €4 million in debt financing to expand its pre-owned fine watch marketplace across Europe. The company also announced the appointment of Tim-Hendrik Meyer, the former co-founder and COO of a table-booking startup Quandoo, as the new CEO.
Founded in 2015, the startup currently employs 60 people and is active in seven countries across Europe: Germany, Switzerland, France, the UK, Sweden, the Netherlands, and Belgium. Over the past 2.5 years, Watchmaster has created an in-house watch servicing team, partnered with financing providers to lower the entry barrier for customers, and built an inventory of watches worth some €11 million in total, the company stated in a press release.
“The secondary market for luxury watches is entirely underdeveloped and thus far no one has tried to change this,” Meyer said. “By establishing a marketplace that allows consumer sellers to easily turn their watches into cash, while providing consumer buyers with an unmatched range of certified and fully refurbished fine watches at highly attractive prices, my goal is to be the driving force in setting the basis for watches to become an equally liquid asset to cars or real estate.”