Chrono24 Attracts a Further 43 Million EUR to Fuel Growth
Karlsruhe, Germany, 10/07/2019 – Chrono24, the world’s leading online marketplace for luxury watches, has brought in new investors. In the most recent financing round, 43 million euros were invested in the German company. While the operational business is profitable, company founder and co-CEO Tim Stracke is looking forward to an exciting future.
Tim Stracke: “Continuous growth without taking major losses has always been an essential component of our growth strategy. With over fifteen years of experience in the industry, we feel closer to our users than ever before and are familiar with what makes them tick. We will use this new capital to better address the needs of dealers, private users, and manufacturers. Our focus is on improving the customer experience while remaining open to further business expansion. We look forward to playing an integral role in shaping the future of the online luxury watch industry.”
Chrono24’s new shareholders are united by their shared professional passions: online marketplaces, luxury goods, and watches.
Henrik Persson, a partner at Sprints Capital, leader of this round created one of the largest and most successful online portfolios in Europe – including companies such as Zalando, Avito, and Rocket Internet – for his former employer, Kinnevik. Pierre Siri, also of Sprints Capital, has joined the board of Chrono24. Siri has helped build many online marketplaces as CEO and CTO, among them what would become the billion-dollar French business LeBonCoin. Gianni Serazzi, a former director at Richemont, adds another luxury goods expert to the company. Moreover, many existing shareholders have taken this opportunity to increase their stake in Chrono24. This notably includes Insight Partners from New York and some Asian funds that have made substantial co-investments. Chrono24’s managing director and co-CEO, Holger Felgner, who has been at the company for three years, also participated in this round of financing.
In the last five years, over 80 million euros have been invested in Chrono24, which is still led by its founders.
“We’re thrilled to have shareholders with a wide range of expertise, from watches and luxury to online marketplaces and in-depth knowledge of the Asian market. Together, we’ll be able to significantly accelerate Chrono24’s growth using this investment capital and our combined know-how.”
As the leading marketplace for luxury watches, Chrono24 connects watch enthusiasts from around the globe. Users can look for their dream watch among more than 400,000 watch listings from over 100 countries and make secure purchases across currencies and international borders. Chrono24’s free Escrow Service makes transactions on their platform particularly secure and appealing. In addition to being able to search and compare models and conduct business on a global scale, Chrono24 offers customers a wide range of services that invite enthusiasts to fully explore their passion for luxury watches. The “Watch Collection” tool allows users to keep track of the performance of their watches over time. There’s also the Chrono24 “Virtual Showroom,” which shows 3D models of select luxury watches on the user’s wrist with the help of a smartphone – anytime, anywhere. Finally, the Chrono24 magazine publishes interesting articles and guides about all aspects of the watch industry.
This service portfolio clearly has Chrono24 heading in the right direction: The marketplace saw a 30% increase in both transaction volume and users in 2018. That translates to 1.3 billion euros worth of annual watch transactions and over 7 million unique visitors every month. One in every three watch enthusiasts now uses Chrono24.
About Chrono24 GmbH:
Chrono24 – The World’s Watch Market is the number one online marketplace for luxury watches. Every month, around 7 million unique visitors have access to some 400,000 watches from over 3,000 dealers in more than 100 countries, as well as approximately 20,000 private sellers (as of January 2019). In 2018, Chrono24 generated a transaction volume of 1.3 billion euros. The marketplace combines the largest collection of new, pre-owned, and vintage watches with a comprehensive set of services that allows both buyers and sellers to process their transactions in a trustworthy environment. Their global support team offers assistance via email or telephone in 15 different languages. Chrono24 was founded in 2003 and has more than 250 employees in offices in Karlsruhe, Berlin, New York, and Hong Kong.