Eleven James raises $30 million in additional capital
Luxury timepiece subscription service Eleven James announced on Tuesday that it has raised $30 million in capital from debt and equity fundraising.
Eleven James will prioritize the new capital towards expanding its luxury timepiece collection, enhancing its personalized member experience, and scale technology and infrastructure to support continued growth.
Founded by CEO Randy Brandoff, Eleven James is a membership service that offers luxury timepieces for men and women from brands such as Rolex, Cartier, Chanel, Audemars Piguet and Bäume and Mercier, among others. The company launched its new women’s collection in January 2017.
“Eleven James is at the forefront of the luxury consumer evolution – where luxury is no longer defined by the traditional ‘buy and hold’ model, but rather by a new paradigm of multiple ‘experiences and memories’,” said Brandoff.
“The successful capital raise validates Eleven James’ business model, affirms its commitment to top-notch management, internal systems and controls, and firmly establishes our position as a leader in democratizing access to luxury goods and experiences. Eleven James provides personalized, technology-enabled solutions that prioritize access, service, community and financial flexibility as never before.”
Of the $30 million in capital, $20 million is in the form of a credit facility from Great American Capital Partners, LLC (GACP), and existing investors and management raised the remaining $10 million in the form of Series A-1 equity financing.
Since 2013, Eleven James has raised over $40 million.
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