July 2, 2024
NEW YORK, JULY 2, 2024 – Global watch marketplace Wristcheck is proud to announce a significant investment from music icon, business mogul, and watch aficionado Shawn “JAY-Z” Carter – marking a major milestone for Wristcheck in cementing itself as the pioneering, go-to platform for the next generation of watch enthusiasts worldwide.
With a profound passion for watches and an unrivaled influence in multiple industries spanning decades, JAY-Z stands as a visionary who played a crucial role in shaping modern watch culture as the world knows it today. JAY-Z’s support as an investor is a testament to Wristcheck’s credibility and commitment to revolutionizing the USD $100 billion watch space.
JAY-Z joins Alibaba Entrepreneurs Fund, Gobi Partners GBA, and K3 Ventures in Wristcheck’s pre-series A funding.
“We’re thrilled to welcome JAY-Z as an investor and partner at Wristcheck. As the most influential celebrity watch collector of the 21st century, his endorsement carries immense weight both personally and professionally. JAY-Z has always been an inspiration to me. I remember growing up to his music – his lyrics not only introduced me to watch brands like Audemars Piguet, but also fueled my love for watches even further. His own journey of entrepreneurship resonated deeply with me – greatly influencing my own path in building Wristcheck.” – Austen Chu, founder & CEO of Wristcheck.
YEAR-ON-YEAR MOMENTUM
Wristcheck has facilitated transactions with the world’s leading watch collectors, including JAY-Z himself, with numerous transactions surpassing USD $1 million involving some of the world’s rarest timepieces. Its highest recorded transaction exceeds USD $5 million. The platform provides watch enthusiasts with unparalleled access to thousands of guaranteed authentic timepieces, catering to a wide range of preferences and budgets from the rarest and most coveted models to watches at every price point.
Since its establishment in 2021, Wristcheck has exhibited exponential growth defying global economic challenges – attracting millions of watch enthusiasts worldwide, online and offline. Its immersive retail experience and focus on contemporary watch culture have resonated strongly with Gen Z watch buyers in particular – 70% of their audience is under the age of 35.
In 2023, the platform experienced a remarkable 300%+ increase in total transaction volume. In the first four months of 2024, Wristcheck has reported a 588% year-over-year growth in online commerce alone, with an average order value of USD $22,000.
With a proven track record of engaging in high-profile partnerships, Wristcheck has collaborated with leading brands like Audemars Piguet and Louis Vuitton – further distinguishing Wristcheck’s novel approach to brand-building and community with its penchant for fostering unique and groundbreaking partnerships that redefine industry norms.
In addition to their marketplace, Wristcheck offers world-class in-house watchmaking services, an industry-leading timepiece grading system “The Wristcheck Grade,” and the world’s first auditable watch index powered by real-time transaction prices. Wristcheck is dedicated to creating a holistic next-generation ecosystem for watch enthusiasts.
“The incredible ecosystem JAY-Z has built at Roc Nation perfectly aligns with what we are building here at Wristcheck – the watch world of tomorrow. I am beyond excited for the future that lies ahead.” – Austen Chu
This latest investment from JAY-Z will enable Wristcheck to continue its plans for global expansion and further enhance its tech product features and services for watch enthusiasts worldwide.
