Subdial, a comparatively new entrant into the competitive world of pre-owned luxury watch trading, has raised £4 million to accelerate its growth.
The company was launched in London in 2018 by Ross Crane and Christy Davis, who set out to create a trustworthy marketplace where every watch on sale is treated with the attention to detail and passion that customers selling or buying a luxury watch would expect.
The £4 million cash injection into Subdial has come from Active Partners, a private equity firm that specialises in providing funds and expertise to help consumer-facing businesses grow.
Other investments have includes Soho House, Leon, Secret Cinema and Honest Burger.
Subdial says the fresh funds will be used for a customised tech build that makes the front-end experience more intuitive, build in digital collection management features, and deepen Subdial’s presence in the UK watch community by curating tailored experiences for collectors.
“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. We are thrilled to have Active Partners – who have an amazing track record in the consumer space – on board for this next chapter,” says Ross Crane, CEO and co-founder of Subdial.
Subdial says it is doubling its sales every six months while maintaining a Trustpilot rating of 5 out of 5.
The company currently sells worldwide and buys from collectors across the UK. It has plans to expand its buying operations into other geographies.
Subdial is a hybrid marketplace where watch owners can either consign pieces or take an instant cash offer from the company.
Every watch is fully authenticated and is sold with a 12 month warranty.
The marketplace currently has over 150 watches available to buy, but the company’s new investor stresses Subdial’s appeal is more to do with its technology, quality of service and the way it engages with its community of buyers and sellers.
“Subdial is doing something unique in this global fast-growth market, deeply engaging with enthusiasts beyond their first transaction. We have been very impressed by Ross and Christy’s innovative, scalable, digital and data-led approach to this market and their genuine passion for watches and the pre-owned and circular economies,” says Nick Evans, managing partner at Active Partners.
“Their commitment to building trusted relationships with the buyer and seller communities, delivering high levels of customer experience and engagement has allowed Subdial to gain rapid popularity amongst watch enthusiasts and collectors. We are delighted to support the founders with our investment and experience to accelerate and deliver their vision for the future,” he adds.
