Time+Tide is hoping to secure $3.7 million in a round of funding that will allow the Australian business to open a Discovery Studio in New York.
Discovery Studios have been described by Esquire UK magazine as cultural town squares or clubhouses for watch lovers with their mix of space for pop-up or semi-permanent events, physical retail for brands that are making waves, such as Toledano & Chan, Studio Underd0g, Furlan Marri and Christopher Ward, and a place where enthusiasts or collectors can hang-out with like-minded hobbyists.
The company has also raised its profile, and its revenue, but creating special edition collab watches with its partners that are sold exclusively through its Studios.
The most recent was a sellout TAG Heuer Aquaracer with a Time+Tide co-branded dial.
Time+Tide opened its first Studio in its home city of Melbourne in 2023 and bought the concept the London last year, a project that required investment of around $630,000.
Opening in New York is an obvious next step — WatchPro asked Time+Tide founder Andrew McUtchen about Stateside plans in an interview late last year — but the funding target of $3.7 million suggests it will cost six-times more to achieve.
There is also more competition for the attention of the brands and watch enthusiasts the Studio will need to attract.
Brooklyn-based Worn & Wound and its events arm run Windup Watch Fairs in several cities across the United States.
Windup in New York in November last year attracted around 140 microbrands, indies and a sprinkle of big box brands and drew a crowd of 10,000 people, according to the organizer.
Mr McUtchen says the call for investors is more than a fishing expedition. A professional broker is handling the raise and potential partners can request a deck outlining the opportunity.
Investment could come from professional investment firms or individuals, but will not be open to the wider public via any form of crowdfunding.
In an interview with the Financial Times, Mr McUtchen says the company grew sales from A$4.2m ($2.6m) in 2023 to A$7.1m ($4.5m) last year and is forecasting A$12.1 million ($7.6 million) in 2025.
Investors would be buying a stake in a fast-growing business, and also a respected and authentic retail and media brand with its finger on the pulse of indies and microbrands, and which wants little more than to bring together a community of like-minded watch lovers in New York.
They would also be backing the business to succeed in the biggest watch market in the world, which currently accounts for 17.5% of global Swiss watch exports compared to the UK’s 7%.
America is where the current trend for hot microbrands was born, largely due to the energy of Worn & Wound and its coast-to-coast calendar of Windup Watch Fairs, but Mr McUtchen does not see the incumbent leader as a direct competitor.
“Our Studios are an entirely different strategy and model,” he tells WatchPro.
To request a prospectus for the funding round, please email investor@timeandtidewatches.com