Hong Kong-based luxury watch marketplace WristCheck has raised $8.0 million in a seed funding round led by Gobi Partners, with K3 Ventures also participating.

Founded in 2020, WristCheck is a marketplace for buying and selling used watches. It utilizes both verification technologies and experts to ensure the authenticity of timepieces. With 80,000 members, the marketplace charges a commission of 8% to sellers and 4% to buyers, according to TechCrunch.

This funding will be used to expand in Asia and enhance its image recognition software, which authenticates watches based on photos submitted by sellers.

“Given current macro[economic] conditions, our focus post our seed funding is to build out our tech to grow our community globally. When market conditions improve, we will be considering a few key markets like Southeast Asia and Greater China,” co-founder Austen Chu told DealStreetAsia.

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