Yahoo Finance Jay-Z Invests in Online Watch Shop Wristcheck
Shawn “Jay-Z” Carter doesn’t just want to collect watches, he wants to help sell them, too.
The 24-time Grammy-winning musician has taken an equity stake in online watch marketplace Wristcheck. The rapper-turned-business mogul, who has an enviable collection of watches by the likes of Patek Philippe, Audemars Piguet, Jacob & Co., and Richard Mille, invested in the Hong Kong-based company as part of a recent funding round of roughly $5 million.
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Founded in 2020 by Instagram-famous horophile Austen Chu, Wristcheck allows collectors to buy and sell pre-owned timepieces that have each been authenticated by Swiss-trained watchmakers. The company has raised about $13.6 million in the past four years through backers such as the Alibaba Entrepreneurs Fund, Gobi Partners GBA, and K3 Venture. Jay-Z has now joined that list.
“As an entrepreneur, Jay-Z has always been an inspiration to me,” Chu said in a statement. “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, as he bridged the gap between watches and pop culture.”
It is certainly an interesting time for Hov to invest. The secondary market has fluctuated dramatically over the past four years: Prices for pre-owned wrist candy peaked in May 2022, but have been declining ever since. (It’s a buyer’s market right now, which is great if you want to pick up a Rolex.) Specialists believe 2024 will be another complicated year, but are confident in the resilience of the market long term.
Chu is equally optimistic about Jay-Z joining Wristcheck: “As the most influential celebrity watch collector of the 21st century and a certified G.O.A.T., his support carries immense weight both personally and professionally,” he said. “It’s a testament to the trust and community we’ve built, and marks a major milestone in cementing Wristcheck as the go-to platform for watch enthusiasts worldwide.”
Carter isn’t the only celebrity to have backed an online watch trader. Portuguese soccer star Cristiano Ronaldo and Monégasque F1 racer Charles Leclerc have invested in billion-dollar behemoth Chrono24, while comedian Kevin Hart, musician John Legend, and rapper J Balvin have all backed U.S. outfit Bezel. It seems celebs are confident about the market too, then.
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