CHRONO24: Euro 100 million Series‑C led by General Atlantic
Karlsruhe, Germany — Chrono24, a leading global online marketplace for new and pre-owned luxury watches, announced that it has secured more than €100 million ($118+ million) in its Series C financing round. The round was led by General Atlantic, a leading global growth capital investor, with participation from Aglaé Ventures, the technology arm of the Arnault family’s investment company. Existing investors Insight Partners and Sprints Capital also participated in the round.
Together with this latest minority growth financing, Chrono24 has raised a total of over €200 million (approximately $236 million) in funding to date.
Chrono24 plans to use the freshly raised capital to accelerate its growth trajectory and further expand internationally, build its presence in existing markets and strengthen its global team with additional top talent. The company is already the market leader in over 100 countries. The plan is to further improve the user experience of the online marketplace in order to benefit even more from the flourishing market for pre-owned luxury watches and to optimally serve a new generation of collectors.
Founded in 2003, Chrono24 pioneered the digitization of the traditionally analog luxury watch industry: it was one of the first major companies to bring together watch retailers and collectors around the world through its online marketplace. Today, the platform has an average of 500,000 unique visitors per day. With more than 3,000 dealers and 30,000 private sellers in over 100 countries worldwide, Chrono24 carries approximately half a million luxury watches for sale at any given time.
Jörn Nikolay, Managing Director and responsible for General Atlantic’s German business, says: “Since its founding in 2003, Chrono24 has evolved from Karlsruhe into a global pioneer in creating a cross-border online marketplace for luxury watches, with an innovative model based on transparency and sustainability. We are pleased to support Chrono24 with our capital and expertise as it continues its global expansion.”
Tim Stracke, Co-CEO of Chrono24, adds: “Once again, Chrono24 has succeeded in attracting first-class growth investors such as General Atlantic and Aglaé Ventures as partners. We have initiated the concept of an online marketplace for luxury watches and built a platform that supports and encourages changing consumer behavior. Chrono24 provides proof to an industry that has traditionally always shied away from disruption that such a concept works perfectly. We are very pleased that General Atlantic and Aglaé Ventures recognize the huge market potential of digitizing luxury retail and also our role within this industry.”
Chrono24 continues to be led by its founder and co-CEO Tim Stracke, co-CEO (and former CEO of TeamViewer) Holger Felgner and CFO Stephan Kniewasser. In addition to the new investor group, a majority of the existing shareholders, including Felgner and Kniewasser, also co-invested. This new round of financing follows Chrono24’s Series B in 2019, which raised €43 million from Sprints Capital, Gianni Serazzi, a former Richemont director, and Alberto Grignolo, founder of YOOX-NET-A-PORTER, among others. Previously, Round A in 2015 had generated over €37 million in several steps, including from Insight Partners.
“Chrono24 — The World’s Watch Market” is a leading global online marketplace for luxury watches since 2003. With approximately 500,000 watches from more than 3,000 dealers from over 100 countries and over 30,000 private sellers, the portal reaches more than nine million unique visitors per month. In 2020, Chrono24 achieved growth in transaction volume of over 30% with monthly purchase inquiries in the six-digit range. With a large combined global offering of new, used and vintage watches, Chrono24 offers a comprehensive service portfolio that allows buyers and sellers to conduct their transactions in a trusted environment. The global support team provides assistance via email or phone in 15 different languages. Chrono24 was founded in 2003 and employs nearly 400 people in its offices in Karlsruhe, Berlin, New York and Hong Kong. www.chrono24.com
General Atlantic is a leading global growth capital investor that provides capital and strategic support to companies with high growth potential. Founded in 1980, the company combines a collaborative global approach, industry-specific expertise, a long-term investment horizon and a deep understanding of growth drivers with outstanding management teams to create exceptional business models worldwide. General Atlantic’s team includes more than 175 investment professionals in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. www.generalatlantic.com
About Aglaé Ventures
Aglaé Ventures is an international investment company based in Paris, New York and Los Angeles. It is supported by Agache, the holding company of the Arnault family and majority shareholder of LVMH, the world leader in luxury goods. For nearly 30 years, Agache has supported fast-growing innovative companies at all stages of their development, including Automattic, BackMarket, Mano Mano and Noom in recent months. https://aglaeventures.com/