Luxury watch trading platform Subdial gets multimillion pound investment
As if to prove the pre-owned luxury watch market is no slouch in the buoyant wider high-end jewellery sector, Subdial has secured £4 million in new funding.
The cash injection, which comes from Active Partners Group and existing angel investors, will be used to bolster both international and domestic expansion “to satisfy growing demand”.
Subdial said the funding will help deepen its presence in the UK watch community “by curating tailored experiences for collectors and significantly expanding the number of watches available on the platform".
It said it currently drops around 30 watches a week to the platform with plans to increase this to more than 100 watches a week over the next 12 months.
That is expected to boost sales significantly for the business that has been able to double its top-line revenue every six months since it was established in 2018.
Additionally, the retailer also hopes to enhance the digital experience for collectors, helping them navigate the platform more easily.
That will help build on over 22,000 appraisals since beginning operations, with Subdial rated 5 out of 5 on Trustpilot with customers emphasising its personal service for traders, selection of watches and speed of shipping.
Ross Crane, CEO and co-founder, said: “Subdial was founded out of a genuine passion for watches, and the desire to create a trustworthy, transparent and data-led platform for watch enthusiasts looking to trade and build their collections.
“We want to build a company at the intersection of technology and good old fashioned customer service. It’s been such an exciting journey so far, and we’re really proud of the amazing community of collectors that have become part of Subdial.
“But the best is yet to come. There is so much more that can be done in the pre-owned space, providing digital collections and seamless trading together with a sense of community.
Nick Evans, managing partner at Active Partners, added: “Subdial is doing something unique in this global fast-growth market, deeply engaging with enthusiasts beyond their first transaction."
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