South Korea-based watch recommerce company What-Time, which is operated by marketplace Taming Lab, has raised an undisclosed amount of pre-Series A funding from 500 Global and ZD Ventures, as well as existing investor Mashup Ventures.
This is the company’s second funding round: In February this year, it raised seed funding from Kakao Ventures, Mashup Ventures and the Seoul National University Angel Funding Club to add appraisal and repair capabilities, according to Asia Economy.
With this new investment, Taming Lab aims to build on What-Time’s b-to-b trading capacity to become a global luxury-watch distribution hub. The goal is to foster a culture of verified transactions through a collaboration with Incheon Customs’ official appraisal laboratory, News 1 reports.
Launched in May 2022, What-Time is a b-to-b recommerce company that connects consumers with a global network of watch dealers. There are currently more than 20 professional buyers across Japan, Hong Kong, the U.S., and China providing inspection and pricing services on the site, according to News 1. What-Time handles the resale process. This system is faster than traditional peer-to-peer transactions and maintains reasonable prices, unlike the structure where dealers purchase watches at low prices, News 1 adds.
What-Time operates a low-margin, high-turnover business model. In addition to a compensation system for counterfeit products, the company also offers a post-sale repair service to customers through affiliated watchmakers. In an effort to maintain transparency — a crucial factor for consumers purchasing secondhand luxury items — What-Time displays information such as when the dial was reworked.
Taming Lab CEO Yoo Ho-yeon commented: “We want to create a market environment where customers can sell watches quickly and at higher prices, anytime, anywhere … We will establish an import structure, as well as an overseas export structure, and make Korea the center of the luxury watch market.”
500 Global’s Shin Eun-hye said: “Taming Lab has identified the potential of the vertical in Korea early on and is coordinating supply and demand by connecting the domestic and global markets. Based on their quick execution, customer obsession and deep understanding of the industry, they are a team that can grow quickly in the global market.”
