Featured
Italian-Swiss Startup Elephants Cashes in 500,000 Swiss Francs Round
The Elephants platform allows users to buy and own fractions of iconic luxury watches in co-ownership, using a data-driven approach to select the luxury watch. Users can purchase fractions of the asset. Once the campaign target is reached, Elephants takes care of the purchase and storage of the authenticated asset at certified institutions.
Manno-based Italian-Swiss startup Elephants is a platform aimed at democratizing the luxury watch market as an asset class. The company announced the closing of a 500,000 Swiss francs pre-seed round underwritten by a group of private investors that will fund the launch of a luxury watch tokenization platform.
The fintech startup‘s goal is to redefine the luxury watch market, using digital technology to open up an asset class long reserved for the elite. “With purchase prices in some cases higher than the cost of a family home, high-end watches have always been a luxury reserved for a privileged few. We are democratizing opportunities in an asset class historically reserved for the very wealthy,” said Paolo Catalano co-founder and Ceo of Elephants. “Elephants allows anyone to enter a market that has outperformed the S&P500 by more than 100 percent over the past seven years.”
Read more about Elephants and its plans to launch a launch of a luxury watch tokenization platform with our companion app. The Born2Invest mobile app keeps its readers up to date with the most important business news of the day so they can stay on top of the market.
What Elephants does
The startup was founded in Switzerland in 2022 by Paolo Catalano and Gianvito Grasso, and is harnessing the power, protection, and traceability of blockchain technology to divide the cost of high-end watches among different owners. The watches selected on the platform are unique, vintage, and discontinued, ensuring their status as rare and iconic items. The limited availability of these watches generates strong demand in the market.
The Elephants platform allows users to buy and own fractions of iconic luxury watches in co-ownership, using a data-driven approach to select the luxury watch. Users can purchase fractions of the asset. Once the campaign target is reached, Elephants takes care of the purchase and storage of the authenticated asset at certified institutions. In addition, Elephants monitors the market and helps owners find the best time to sell the watch; funds are then divided proportionally among owners
Gianvito Grasso, co-founder, and CTO of Elephanths added, “The exceptionally high costs of most luxury wristwatches create a de facto monopoly: these watches are built for the rich, collected by the rich, and bought and sold by the rich. Watch enthusiasts and those seeking investment alternatives are cut off from this opportunity. We have found a way to open the doors of this world to a wider audience.”
__
(Featured image by henry911 via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in StartupItalia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
-
Biotech2 weeks ago
Brain Biotech Sells License Rights for 128 Million Euros to Royalty Pharma
-
Cannabis4 days ago
Cannabis and Psychedelics Consumption at Historic High, Study Shows
-
Crypto1 week ago
Binance Launches Pre-Market – Trade Cryptocurrencies Before Stock Market Debut
-
Cannabis2 days ago
Original Gangster Deluxe – New Medical Cannabis Strain from Canopy Growth Coming Soon to Polish Pharmacies