Taming Lab, operator of the used luxury watch recommerce platform "Whattime," announced on the 22nd that it has secured pre-Series A funding. This round was participated by new investors 500 Global and ZD Ventures, as well as existing investor Mashup Ventures. The specific investment amount was not disclosed.
"Whattime" is a B2B-based pre-owned watch trading platform connecting domestic consumers with professional overseas buyers. It purchases watches from consumers through a real-time appraisal and pricing system, and facilitates rapid transactions through a network of over 20 professional resellers in major countries, including Japan, Hong Kong, the United States, and China.
Unlike existing peer-to-peer transactions or dealer-centric low-price purchasing methods, Whattime is evaluated as offering a structure that benefits both consumers and resellers, based on fast transaction speeds and reasonable pricing. Currently, peer-to-peer transactions on the platform are conducted at 90-105% of market price, with a transaction success rate of over 70%. A significant majority of transactions are completed within an hour.
With this investment, Taming Lab plans to enhance Whattime's B2B trading capabilities and accelerate its growth into a trust-based global luxury watch distribution hub. Through collaboration with Incheon Customs' official appraisal lab, the company plans to enhance transaction transparency and reliability, and establish a distribution structure that responds to the market trend of recognizing used luxury watches as a store of value.
Taming Lab was founded by CEO Yoo Ho-yeon, a watch enthusiast. The team, including the CEO, possesses and trades over 200 watches, and is known for its deep understanding of the luxury watch lifecycle. CEO Yoo also has experience in ODM watchmaking and has apprenticed under a renowned Korean watchmaker.
Shin Eun-hye, a judge at 500 Global, said, “Taming Lab recognized the potential of the luxury watch recommerce market in Korea early on and is effectively connecting domestic and global demand,” adding, “Based on their quick execution ability and deep understanding of the industry, they are a team with high growth potential in the global market.”
CEO Yoo Ho-yeon stated, “We want to create an environment where customers can quickly sell watches at higher prices, anytime, anywhere,” and “We will strengthen our structure not only on the export side but also on the import side, developing Korea into a center for luxury watch distribution.”
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