Houston-based Newwatch Co., which calls itself the largest online watch
retailer, said it has received a $34 million investment from three leading
technology investment firms, Benchmark Capital, Sequoia Capital and Bowman
Capital Management.
The company also announced a site name change to Ashford.com.
The new capital will be used to fund an expansive marketing campaign as the
company broadens its focus to include vintage watches and other fashion
accessories. The company said the campaign will articulate themes that
Ashford.com will stand for–“selection, trust and an outstanding customer
experience.”
Newwatch founder and CEO James Whitcomb said the name change reflects a new
direction for the company.
“We’ll be adding additional products and services
over the next few months–the name change supports this expansion,” he said.
The company
chose Ashford.com because “Ashford” evokes trust, stability, comfort and an
old British feel. Newwatch carries more than 6,000 watches from 60
manufacturers.
“We thought the idea of selling watches and fashion accessories on the Web was a huge opportunity,” said Benchmark partner Kevin Harvey. “The company will
continue to broaden the product line and provide customers the same quality
experience as they’ve had with watches. Newwatch has a management team with
the capabilities to secure
market leadership.”
