Chrono24 has revealed a fresh funding round of €100 million that the company says will be invested in accelerating its global growth trajectory.
The round was led by private equity giant General Atlantic with participation from Aglaé Ventures.
Aglaé Ventures is a technology-focused venture capital firm based in Paris, New York and San Francisco that is backed by Groupe Arnault, the controlling shareholder of LVMH.
Chrono24’s investment from Aglaé Ventures brings with it the collective wisdom and experience of other tech leaders in which it has invested including Netflix, Airbnb and Spotify.
Plus, Aglaé Ventures offers Chrono24 the opportunity to plug into the LVMH ecosystem and global footprint that can be harnessed to accelerate growth from the group’s 70 brands, 150,000 employees and 4,000 stores.
“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,” says Chrono24 Co-CEO, Tim Stracke.
“We are very pleased that General Atlantic and Aglaé Ventures recognise the vast market potential lying in the digital evolution of luxury retail and our company’s role in this industry.”
Existing investors Insight Partners and Sprints Capital also participated in the latest investment round, which brings Chrono24’s cumulative funds raised to over €200 million to date.
Chrono24 says the money will be used to accelerate its growth trajectory, including continuing to scale internationally, deepening its presence in existing markets and augmenting its global team with additional top talent.
Chrono24 says its platform attracts an average of 500,000 unique visitors per day.
It has more than 3,000 retail dealers and 30,000 private sellers across more than 100 countries worldwide and lists approximately half a million luxury watches for sale at any given time.
Chrono24 continues 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, co-invested alongside the new group of investors.
This latest fund raise follows Chrono24’s 2019 Series B financing of €43 million from Sprints Capital, former Richemont director Gianni Serazzi, and YOOX-NET-A-PORTER founder Alberto Grignolo, among others, as well as the company’s €37 million Series A from Insight Partners in 2015.