General Atlantic leads EUR100m Series C for Chrono24
General Atlantic has led a EUR100 million Series C funding round in online luxury watch marketplace Chrono24. This latest round follows Chrono24’s 2019 EUR 43 million Series B financing from Sprints Capital, former Richemont director Gianni Serazzi, and YOOX-NET-A-PORTER founder Alberto Grignolo, as well as the company’s EUR37million Series A from Insight Partners in 2015.
Chrono24 will continue to be led by its founder and co-CEO Tim Stracke; co-CEO and former TeamViewer CEO Holger Felgner; and CFO Stephan Kniewasser. A majority of existing shareholders, including Felgner and Kniewasser, also co-invested alongside the new group of investors.
Chrono24 will use the fresh capital to ramp up its growth, including continuing to scale internationally, deepening its presence in existing markets and furthering its global team with additional talent hires, according to the company.
Founded in 2003, Chrono24 pioneered and digitalised the traditionally offline luxury watch sector, and was one of the first companies of scale to connect watch dealers and collectors around the world through its digital marketplace.
“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, with an innovative model underpinned by transparency and sustainability,” said Jörn Nikolay, managing director with responsibility for General Atlantic’s operations in Germany. “We are pleased to support Chrono24 with our capital and expertise in its ongoing global expansion,” he continued.
“Once again, Chrono24 has been able to win premier growth-experienced partners like General Atlantic and Aglaé Ventures. As originators of the digital marketplace concept within the luxury watch world, we’ve built a platform that not only supports and encourages evolving consumer behavior, but also provides invaluable proof of concept to an industry that has traditionally shied away from disruption,” commented Chrono24 Co-CEO, Tim Stracke.
“We are very pleased that General Atlantic and Aglaé Ventures recognize the vast market potential lying in the digital evolution of luxury retail and our company’s role in this industry,” he added.