Most readers of this site will understand the intrinsic value of a fine Swiss timepiece. It’s long been championed that every man should have at least one hero piece in their wardrobe for those special occasions.
Lest we forget, not every guy out there has a cool $10,000+ to drop on something that will sit on your wrist for only a few hours before it goes back in the vault. The dilemma is real. Enter the young New York company Eleven James, a service which is allowing watch enthusiast to borrow luxury timepieces for a monthly fee.
Sound familiar? Anyone with a Netflix subscription will know the effectiveness and efficiency of such a business model and so does Eleven James’ founder and CEO, Randy Brandoff. As of this Tuesday his company has locked in a new round of funding amounting to a staggering $30 million. $20 million of that capital was received as a credit facility whilst the remaining $10 million is in the form of Series A-1 equity financing headed by an existing investor. Since its launch the company has raised a total of $40 million.
Brandoff, who isn’t from the watch industry, believes that the confidence behind his company validates his company’s business model. “[It] firmly establishes our position as a leader in democratising access to luxury goods and experiences,” he said.
Eleven James launched in late 2013 and is currently made up of corporate clients as its main members. The company owns most of its watch inventory with others being put forward by the members themselves for others to borrow. Brandoff comes from a luxury services background as the first employee of private aviation firm Marquis Jet in his previous role.