Michael Jordan Among Investors Who Helped Bala Cynwyd-based WatchBox Raise $165M in Growth Capital

watchbox watch
Image via WatchBox.

Bala Cynwyd-based WatchBox, a Govberg Jewelers spinoff, has managed to raise $165 million in growth capital from an investor group that includes Michael Jordan, Giannis Antetokounmpo, and Michael Strahan, writes Kennedy Rose for the Philadelphia Business Journal.

The startup is a watch reseller that has both brick-and-mortar and e-commerce stores. It is projected to bring in $300 million in sales this year. The latest investment round puts WatchBox’s valuation close to $1 billion.

The financing round was led by investment firm The Radcliff Cos. and hedge fund The Spruce House Partnership.

Other athletes also joined the round, including Chris Paul, Devin Booker, Karl Anthony Towns, and Larry Fitzgerald, as well as several entrepreneurs, including Marc Lasry of Avenue Capital Group and Pershing Square Capital Management CEO Bill Ackman.

“Our investors and partners hail from a wide range of industries, from consumer to technology, finance, and professional sports, yet we are all bound by our love of watches,” said WatchBox CEO Justin Reis.

WatchBox currently operates retail stores in Bala Cynwyd, Hong Kong, Switzerland, Singapore, and Dubai. It is now planning to open eight new stores worldwide, including in New York and Tokyo.

Read more about WatchBox in the Philadelphia Business Journal.