Subdial raises $20 million to enter the United States in 2027

Subdial's Clubhouse in Farringdon, London, which hosts around 30 client appointments a day. © Subdial

Subdial, the British pre-owned luxury watch specialist founded in 2018, has closed a $20 million funding package to grow in the United Kingdom and open in the United States in 2027, WatchPro reported on 11 November.

The package includes a Series B equity round led by Gresham House Ventures, with participation from existing shareholders Active Partners and Stuart Hennell, founder of Watchfinder, who sold it to Richemont in 2018 and first invested in Subdial in 2025. It also includes a debt facility from a British lender. “So this is really a working capital story, focused on our ability to grow our inventory much faster,” co-founder Christy Davis told WatchPro.

A Clubhouse across the Atlantic

Christy Davis is moving to the United States with his family to lead the new business; the other co-founder, Ross Crane, stays in London to run the British operation. The city has not yet been confirmed, but is likely to be New York. The plan is for a Clubhouse modelled on the Farringdon headquarters in London, which hosts around 30 client appointments a day, as well as events, launches and recordings. “We want to replicate the setup we’ve created in London pretty much from day one and launch in a big way,” Davis said.

The American operation will hold its own inventory: around 85% of sales from the British inventory go to customers in the United Kingdom, and trade between the two countries is subject to customs duties and different tax regimes. The two businesses will share the digital platform, technology and data processing.

The figures

In the financial year ended 31 January 2026, Subdial reported turnover of £21.6 million and total transaction value of £35.9 million; its operating loss narrowed from more than £1.1 million to £231,000. According to Davis, the company has been profitable since February or March 2026. In October, the annualised value of watches traded was approaching £70 million, around $100 million, up 74% on a year earlier; turnover counts only the consignment commission.

More than 40% of sales are made to repeat customers. Subdial’s pricing database covers more than 28,000 models and underpins the Bloomberg Subdial Watch Index, which has risen 10% over the past 12 months.

Find out more on the company's website.