Chrono24 is an online marketplace for luxury watches located in Germany. Recently, it secured more than €100 million ($118 million) in a Series C fundraising round. Growth equity company General Atlantic served as the fundraising round’s lead investor, with participation from Insight Partners, Aglaé Ventures, and Sprints Capital.
Chrono24 intends to use the financing’s revenues to support its worldwide expansion and boost its market share. To draw in more collectors, the firm also intends to expand its worldwide staff with fresh talent and improve user experience in the booming pre-owned luxury watch market. Tim Stracke, co-CEO of Chrono24 stated that Chrono24 has been successful in attracting top-tier partners with extensive growth expertise, such as General Atlantic and Aglaé Ventures.
In addition, he claimed to have created a platform that not only supports and promotes changing customer behavior. But also offers important proof of concept to a sector that has historically avoided change. Chrono24 is the pioneer of the digital marketplace idea inside the luxury watch business. We are thrilled that General Atlantic and Aglaé Ventures see the enormous market potential that the digital transformation of luxury retail and our company’s place in it holds.
Jörn Nikolay, managing director of General Atlantic Germany, stated that since its founding in 2003, Chrono24, based in Karlsruhe, has emerged as a global pioneer. They have enhanced the development of a cross-border online marketplace for luxury watches, with an advanced model supported by transparency and sustainability. As per Jorn, they are glad to help Chrono24’s continuous international expansion with our resources and knowledge.
Chrono24, a company based in Karlsruhe, lists almost 500,000 expensive watches for sale.
The store serves an average of 500,000 visitors every day with more than 3,000 retail merchants and 30,000 individual sellers. On the other hand, the business received €43 million ($50.4 million) in Series B funding in 2019 from Sprints Capital and other investors. With this current round of investment, the business has already raised over €200 million ($236 million).