Endeit Capital acquires stake in luxury watch portal Chronext
Cologne — Venture capital investor Endeit Capital and Tengelmann Ventures invest $34 million in Chronext AG, an emerging online portal for luxury watches.
Partech Ventures, Capnamic Ventures, NRW.BANK, InVenture Partners and Octopus Vent ures most recently invested 11 million euros in 2016 in the young company, which is based in Zug, Switzerland, in London and in Cologne. Previously, around more than $5 million had already flowed into the watch store, which was launched in 2013. Chronext competes in the watch segment with companies such as Chrono24, Horando, Montredo and Watchmaster, among others. Chrono24 already raised 21 million euros in 2015.
Endeit Capital is a VC investor based in Amsterdam and Hamburg that provides growth capital to young technology companies.
Since 2009, Tengelmann Ventures has invested in more than 50 companies and is one of the leading venture capital investors in Germany. Many of these companies have become global players and market leaders in their respective market segments. The focus is on early and later stage investments in the areas of consumer internet, marketplaces and technology.
CHRONEXT AG (www.chronext.com) was founded in 2013 by Philipp Man and Ludwig Wurlitzer. The leading e‑commerce company for luxury watches has opened its first store in London, employs around 100 people and has a 250 sqm watch workshop for quality and authenticity testing. With a head office in Zug (Switzerland) and further offices in London and Cologne, the company is internationally positioned and ensures a fast and secure service. CHRONEXT simplifies the complexities of the watch market and enables a unique buying experience.
Advisors to Endeit Capital: CMS Germany
A cross-border team led by Dr. Malte Bruhns and Dr. Stephan Werlen provided legal advice to Endeit Capital. In addition to Endeit Capital and Tengelmann Ventures, existing investors including Partech Ventures, Capnamic Ventures and Octopus Ventures participated in the $34 million financing round. CMS has acted for Endeit Capital on several occasions in the past.
Dr. Malte Bruhns, Lead Partner, Stephan Weling, Senior Associate, both Corporate/M&A
CMS Switzerland: Dr. Stephan Werlen, Partner, Corporate/M&A