CHRONEXT, a curated online marketplace for luxury watches, has closed a series C financing round of EUR11 million led by Partech Ventures and joined by new backer Octopus Ventures alongside existing investors, Capnamic Ventures, NRW.BANK and InVenture Partners.
Founded in 2013 in Switzerland, CHRONEXT is a secure marketplace where new and second-hand luxury watches can be bought, sold, or serviced at fair prices. The company operates in the multi-billion Euro market for luxury watches. Currently, online sales account for 1 to 2% of the market and represent the fastest growing segment of the industry.
CHRONEXT achieved an impressive traction and managed to grow their revenues by 380% from December 2014 to December 2015. The CHRONEXT concept is based on the principles of high security and excellent service. Every watch offered is examined in the company’s certified in-house watchmaking atelier, thus guaranteeing the quality and the authenticity of each timepiece available for sale. Should clients be unable to find their desired timepiece, the CHRONEXT Watchhunter team can source the watch for them, quickly and free of charge. In addition to the ever growing online selection of over 15,000 luxury watches, CHRONEXT clients are able to visit a London-based flagship boutique where they can browse a selection of watches or pick up their online purchase.
Philipp Man, co-founder and CEO of CHRONEXT, says: “We are extremely happy about the vote of confidence of Partech Ventures, which is leading this round, our existing shareholders and our new partner Octopus Ventures. The support of Partech, who has years of experience with marketplaces and e-commerce, along with their vast international network and capital under management, will allow CHRONEXT to evolve into the largest player in the luxury timepiece market in the near future.”
“CHRONEXT is operating a unique model to become a global digital leader in the huge market of luxury watches. We were especially impressed by the level of expertise of the founding and management team, which in our opinion will be a clear differentiator for success”, says Olivier Schuepbach, General Partner of Partech Ventures. “The incredible pace at which the company grew till now and the successful start of internationalisation beyond Germany were also key considerations for us to invest in CHRONEXT.”
Will Gibbs, Octopus Ventures, says: “Here at Octopus we are dedicated to backing unusually talented teams. Luxury watches is a very interesting segment with a large number of passionate customers who have previously been constrained by the absence of a fully authenticated online marketplace. CHRONEXT has both the ambition and potential to be the category leader. We are looking forward to working with the team.”
“We are very happy with CHRONEXT’s development since our seed investment two years ago. The new funds allow CHRONEXT to accelerate its international growth and utilise the advantages of a global marketplace,” says Joerg Binnenbruecker, Managing Partner at Capnamic Ventures.
The new financing round will allow CHRONEXT to strengthen its growth in Germany and the UK and further expand internationally.
