NEW YORK — Eleven James Inc., which operates a luxury watch subscription service, has successfully completed debt and equity fundraising efforts providing up to $30 million of additional capital. Since its inception in 2013, Eleven James has raised over $40 million. Randy Brandoff, Founder & CEO of Eleven James, made the announcement following the company’s most successful fourth quarter to-date, during which Eleven James launched its Women’s Collection.
The company plans to use the new funds to expand its luxury timepiece collection, enhance its personalized member experience, as well as scale technology and infrastructure to support continued growth. With this capital raise, the NY company said it will be able to provide members with access to one of the largest watch collections in the world. Eleven James offers subscriptions from $149 to $999 per month and gives users access to high-end watches from Rolex, Baume & Mercier, Breitling, Cartier, Hublot and others.
Of the $30 million in committed capital for Eleven James, $20 million is in the form of a credit facility from Great American Capital Partners, LLC (GACP), a wholly owned subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY), which provides asset-based debt opportunities for middle market companies. The remaining $10 million is in the form of a Series A-1 equity financing led by existing investors and management, for which the company has completed the initial closing of $9 million.
“Eleven James is at the forefront of the luxury consumer evolution – where luxury is no longer defined by the traditional ‘buy and hold’ model, but rather by a new paradigm of multiple ‘experiences and memories’,” said CEO Randy Brandoff. “The successful capital raise validates Eleven James’ business model, affirms its commitment to top-notch management, internal systems and controls, and firmly establishes our position as a leader in democratizing access to luxury goods and experiences. Eleven James provides personalized, technology-enabled solutions that prioritize access, service, community and financial flexibility as never before.”
Olivier Reza, Eleven James Chairman, added, “In 2016, Eleven James made great strides in expanding and strengthening its team and infrastructure, scaling its product offerings and inventory, and elevating the trajectory of its business. It continues to demonstrate its resonance with both emerging luxury consumers and mature but increasingly disillusioned consumers alike. Now that we have secured the requisite financial resources, Eleven James is empowered to realize its vision of becoming the ultimate destination for a new, modern era in luxury experience.”