American high-end watch rental firm Eleven James nabs $1.4M in seed funding
Eleven James is offering men an opportunity to rent a cool new watch every few months. The startup just nabbed USD1.4 million in seed funding from several strategic investors including WGI Group, Box Group, Kenny Dichter, Brian Distelberger, Jason Saltzman, Ken Austin, and Ed Moran, according to TechCrunch.
Founded by Randy Brandoff, Eleven James provides a unique watch rental service for men. The company is aiming at clients who may not want to spend a lot of money on a watch and want to wear something fancy during ordinary days, the report said.
The firm's USD249 monthly concierge service allows clients to wear three "cheaper" watches worth about USD10,000 every year (USD449 for six pieces). The company also has a USD259 monthly service for a Connoisseur Collection of higher end brands. Eleven James also has a service that includes three very expensive pieces for USD800 or six for USD1,599 per month. The clients can wear the watches around and return them for cleaning. The pieces are then sent to another member, the report explained.
In addition, Eleven James hopes to have a watch trade-in offering where customers can put their old watches for consignment or include them into rotation, TechCrunch reported.