Michael Jordan, NBA Stars Invest In Watch Company Valued At Close To $1 Billion

Michael Jordan has been known to wear stylish watches, and now the NBA legend is getting involved in the watch business.

Jordan is one of several high-profile current and former professional athletes investing in WatchBox, where people buy and sell luxury watches.

WatchBox announced Tuesday that it raised $165 million of equity capital. The company plans to use that investment to grow its digital platform and expand into new markets

“Our investors and partners hail from a wide range of industries, from consumer to technology, finance and professional sports, yet we are all bound by our love of watches,” Justin Reis, WatchBox co-founder and global CEO, said in a statement.

“When we founded WatchBox, our vision was to build a brand that would engender trust so that we could unite a passionate network of enthusiasts. With that foundation we are now able to use technology to create the best customer experience in the industry.”

Jordan is joined by current NBA stars Giannis Antetokounmpo, Chris Paul, Devin Booker and Karl Anthony Towns as investors. Former NFL stars Michael Strahan and Larry Fitzgerald have also invested in WatchBox.

“We are reshaping the way high-value luxury is transacted online,” Reis said. “We built our proprietary concierge platform to enable efficiency and scale as we build personal connections with collectors around the world.

"We have an incredible group of dedicated people at WatchBox and, as we reach major milestones such as this one, I feel especially grateful to our team who have all contributed to our growth and success to date.”

WatchBox’s latest valuation is approaching $1 billion, CNBC reports.

WatchBox was founded in 2017 to be the world's leading platform for collectible luxury watches. Reis told CNBC that WatchBox is on pace for $300 million in net revenue for 2021.