Justin Reis, CEO of Bala Cynwyd-based WatchBox, put together a successful $165 million investment from a number of Wall Street titans and famous athletes, such as Michael Jordan, by focusing on relationships with the company’s existing clients, writes Kennedy Rose for the Philadelphia Business Journal.
The funding round for the luxury watch reseller was led by investment firm The Radcliff Cos. and hedge fund The Spruce House Partnership and also included Giannis Antetokounmpo, NBA’s Chris Paul, Devin Booker, and Karl Anthony Towns, and NFL Hall of Famer Michael Strahan.
The spinoff from 105-year-old Govberg Jewelers did not set out to find famous investors, but rather watch collectors who have already shopped with the company.
They then brought in other interested parties to the investment round. Jordan was introduced by his business partner, Curtis Polk, while Milwaukee Bucks owner Marc Lasry was brought in by a friend who knew he collected watches.
“The referral was so valuable,” said Reis. “One investor speaks to another athlete, speaks to another entrepreneur, and before you know it, you’ve really got this microcosm of a great network of people that are willing to help and invest.”
Read more about WatchBox in the Philadelphia Business Journal.