Chrono24 118m Series General Atlantic
Chrono24, the world’s largest online marketplace for new and used luxury watches, said today that it had raised more than 100 million euros ($118 million) in Series C funding. Chrono24 118m Series General Atlantic, a leading international growth equity company, led the round, and Aglaé Ventures, the investment company run by the Arnault family, also took part. Insight Partners and Sprints Capital, already investors, are also experienced in the round. With this latest minority growth funding, Chrono24 has raised more than 200M €, which is about USD 236M.
Chrono24 118m Series General Atlantic: What Do You Understand By Chrono24
Chrono24 plans to use the new investment to speed up its growth. It will use the money to expand internationally, grow its presence in existing markets, and add top talent to its global team. Chrono24 118m Series General Atlantic is already the market leader in more than 100 countries. It also wants to improve the user experience to take advantage of the growing pre-owned luxury watch market and reach a new generation of collectors. Chrono24 was one of the first large companies to connect watch dealers and collectors worldwide through its digital marketplace.
It was founded in 2003 and was one of the first companies to digitize the offline luxury watch industry. The company now has about 500,000 unique visitors per day, on average. Chrono24 lists about half a million luxury watch for sale at any given time from more than 3,000 stores and 30,000 private sellers in more than 100 countries worldwide.
Chrono24 118m Series General Atlantic: Everything To Know
Chrono24 was one of the first firms of scale to link watch dealers and collectors worldwide through its digital marketplace. The company was established in 2003, and its founders were among the first to pioneer and digitize the traditionally offline luxury watch sector. The number of distinct users who access the site each day has increased to an average of 500,000. Chrono24 offers about half a million luxury timepieces available for purchase at any moment. This is accomplished by working with more than 3,000 retail dealers and 30,000 private sellers in more than 100 countries.
“Since its establishment in 2003, Karlsruhe-based Chrono24 has become a global pioneer in the creation of a cross-border online marketplace for luxury watches,“
said Jorn Nikolay, the Managing Director with responsibility for General Atlantic’s operations in Germany.
Chrono24 has an innovative model that is underpinned by transparency and sustainability. Chrono24 118m Series General Atlantic is an international pioneer making a cross-border online marketplace for luxury watches. We are delighted to provide Chrono24 with financial and strategic assistance as it expands its global operations.
Chrono24 118m Series General Atlantic: Company Details
Tim Stracke, the company’s creator and a current Co-CEO, Holger Felgner, a previous CEO of TeamViewer, and Stephan Kniewasser, the company’s CFO, continue to serve in these leadership roles. Together with the new group of investors, most of the company’s current owners, including Felgner and Kniewasser, made an investment in the business. This most recent round of fundraising follows Chrono24’s 2019 Series B financing of 43 million euros, which was led by Sprints Capital and included participation from former Richemont director Gianni Serazzi and YOOX-NET-A-PORTER founder Alberto Grignolo, amongst other investors. It also follows the company’s 2015 Series A financing of 37 million euros, led by Insight Partners.
An Introduction to Chrono24 GmbH
Since 2003, “Chrono24 – The World’s Watch Market” has been the most successful luxury watch marketplace available online anywhere in the world. The platform attracts over 9 million unique users every month and has around 500,000 timepieces available for purchase from more than 3,000 stores in over 100 countries and more than 30,000 individuals selling their watches.
Recently, Chrono24 saw an increase in transactions of more than thirty percent, with monthly purchase requests in the six-digit range. Chrono24 provides a secure setting for its customers to conduct business by providing a comprehensive range of services in addition to its vast global supply of new, used, and vintage watches. This enables buyers and sellers to complete their transactions. The global customer service team can give assistance over the phone or by e-mail in 15 different languages. Chrono24 was established in 2003 and currently has offices in Karlsruhe, Berlin, New York, and Hong Kong. The company employs close to 400 employees. www.chrono24.com
Understanding the General Atlantic: Chrono24 118m Series General Atlantic
Throughout its existence, General Atlantic has been a major worldwide development equity company. The business has more than four decades of expertise, providing financial and strategic support to over 400 growth firms. The company was founded in 1980 to collaborate with visionary entrepreneurs and deliver long-lasting impact. To achieve this mission, the company utilizes a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to collaborate with great entrepreneurs and management teams to scale innovative businesses worldwide.
About Aglaé Ventures: Chrono24 118m Series General Atlantic
Aglaé Ventures is a worldwide investment corporation with offices in New York, Los Angele, and Paris. It is supported by Agache, the holding company of the Arnault family and the majority shareholder of LVMH, the world’s most successful luxury goods company. Agache has been a backer of rapidly expanding creative firms at various growth phases for almost three decades.