Home Business & Ventures Jay-Z Takes Equity Stake in Online Watch Market Wristcheck

Jay-Z Takes Equity Stake in Online Watch Market Wristcheck

by cashonbank.com
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Hip-hop mogul Shawn “Jay-Z” Carter has become the latest celebrity to back the online watch market, taking an equity stake in luxury trading platform Wristcheck. The Hong Kong-based company recently secured approximately $5 million in funding, with Jay-Z among the prominent investors.

Jay-Z, renowned for his extensive collection of rare and valuable watches from brands like Patek Philippe, Audemars Piguet, and Richard Mille, joins other high-profile celebrities venturing into the watch trading space. Football superstar Cristiano Ronaldo and F1 driver Charles Leclerc are investors in Chrono24, the largest dedicated online watch-trading platform, while Bezel, its US competitor, has attracted backing from Kevin Hart, John Legend, and J Balvin.

Founded in 2020 by watch collector and Instagram influencer-turned-CEO Austen Chu, Wristcheck targets high-end timepiece buyers and sellers in Asia and offers authentication services to combat counterfeit products. The company has raised about $13.6 million to date.

Jay-Z participated in Wristcheck’s pre-series A funding round alongside Alibaba Entrepreneurs Fund, Gobi Partners GBA, and K3 Ventures. Austen Chu expressed admiration for Jay-Z, stating, “As an entrepreneur, Jay-Z has always been an inspiration to me. 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.”

Jay-Z, whose net worth is estimated at $2 billion according to Celebrity Net Worth, has amassed his fortune through music sales and strategic business investments. His ventures include beverage start-ups Armand de Brignac and D’Usse, as well as the streaming service Tidal, all of which he has sold controlling stakes in to corporations like LVMH, Bacardi, and Square.

As the founder of Marcy Venture Partners, Jay-Z’s portfolio includes investments in blockchain platform Alchemy, wellness company Therabody, and alternative meat company Impossible Foods. He has also exited investments in Uber and JetSmarter, significantly boosting his fortune by over $1 billion since 2022.

Jay-Z co-owns the entertainment agency Roc Nation with concert business Live Nation. Together with his wife, Beyoncé Knowles, the couple’s combined net worth stands at $2.6 billion. Their property holdings in the US are valued at least $350 million.

This latest investment in Wristcheck underscores Jay-Z’s continued influence and interest in the luxury watch market, further solidifying his position as a savvy entrepreneur and investor.

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