A pre-owned luxury watch seller has attracted a $10m investment to improve stocks, marketing and its servicing centre.

Watchfinder has secured the cash injection, worth £6.18m, from growth equity firms Piton Capital and Beringea.

The Maidstone-based online company, founded in 2002, has sold more than £120m of watches in brands like Rolex, Cartier, Tag Heuer, Breitling, Omega and Patek Philippe.

It will use the money to offer more luxury timepieces, roll out a multi-media marketing campaign and fund its watch servicing centre in the county town.

It will also provide some liquidity for existing shareholders.

The investment has been split 50-50 between Piton Capital and Beringea, the latter investing through the ProVen Venture Capital Trust, a scheme for supporting UK SMEs with equity investment.

Watchfinder founder and chief executive Stuart Hennell said: “We at Watchfinder are very proud of the business we’ve created over the past decade, and the level of trust we’ve earned from our customers.

“After considering a number of strategic options for the future, we are delighted to be taking on investment from Beringea and Piton, with whom we have a shared vision for the future.

“Their combined expertise in ecommerce, retail, and international markets should be a great asset.”

Watchfinder launched a boutique in the Royal Exchange shopping centre next to the Bank of England in London last year, its first bricks and mortar store.

Beringea partner and investment director Karen McCormick said: “Watchfinder has become the most trusted retailer for authentic, pre-owned luxury timepieces in the UK, and is uniquely able to offer manufacturer-quality servicing to back up their warranty.”

Greg Lockwood of Piton added: “Over the past 12 years, Watchfinder has really figured out how to make the secondary market for fine watches work, and this is reflected in their outstanding track record of growth and profitability.

"We’re excited to partner with this strong and well-respected company.”

Maidstone-based law firm Brachers advised Watchfinder on the deal.