The leading internet community for brand-new and pre-owned expensive timepieces, Chrono24, announced that it has secured Series C capital totaling over 100 million Euros which equals 118 million USD. The transaction was headed through General Atlantic, a renowned global expansion venture capital firm, and included participation from the Arnault family’s investment firm and Aglaé Ventures. The financing also includes seasoned backers Sprints Capital as well as Insight Partners. Chrono24 had acquired over 200 million euros, or roughly 236 million dollars, with this most recent minority expansion funding.
Purpose Of This 118 Million Funding Of Chrono24
Chrono24 intends to accelerate its development using the new financing. The funds will be used to increase its footprint in current areas, go beyond, and bring in talented employees. In almost 100 nations, General Atlantic currently dominates the industry. It aims to enhance customer interaction to capitalize on the expanding market for expensive pre-owned watches and attract a new population of enthusiasts. The initial and most significant business, Chrono24, used its online platform to link watch sellers and enthusiasts all over the globe.
It was among the earliest businesses to automate the traditional luxury wristwatch market after being formed in 2003. Currently, the business receives approximately 500,000 new visitors every day. Around 500,000 luxury watches are listed for auction on Chrono24 at any particular time from over 3,000 retailers and 30,000 individual dealers in over 100 countries worldwide.
General Atlantic: All You Need To Understand on Chrono24
The initial large company of its kind, Chrono24, used its online platform to connect watch sellers and enthusiasts all over the globe. The business was founded in 2003, and its proprietors were some of the earliest to innovate and automate the formerly analog traditional watch industry. The median number of unique people visiting the website daily has climbed to 500,000. Almost 500,000 luxury watches are always accessible to buy on Chrono24.com. Partnering with over 3,000 retail merchants and 30,000 individual dealers across over 100 nations supports this.
Chrono24 features a cutting-edge business concept that is supported by longevity and openness. General Atlantic is a global innovator creating a global online community for premium timepieces with its Chrono24 118m Series. We are pleased to offer Chrono24 practical and strategic support as it broadens its international activities.
118m Chrono24 Series General Atlantic: Business Information
The firm’s founder still holds these executive positions and presents Chief Executive Officer Tim Stracke, former TeamViewer Chief Executive Officer Holger Felgner, and Chief Financial Officer Stephan Kniewasser. The majority of the present shareholders of the firm, namely Felgner and Kniewasser, placed a commitment to the business alongside a new investor consortium.
Following Chrono24’s 2019 Series B funding of €43 million, Gianni Serazzi and YOOX-NET-A-PORTER founding member Alberto Grignolo and Sprints Capital have contributed. Amongst many other shareholders, this most current financing session is the company’s most recent deal. That also comes after the business’ 37 million € Series A funding from Insight Partners in 2015.
Chrono24 has seen a 30% rise in activities, with quarterly transaction demands in the 6-digit range. In addition to its enormous international source of new, old, and antique timepieces, Chrono24 offers various solutions that give its clients a safe place to continue the business. This makes it possible for both parties to finalize their deals. The international client support team may provide support in 15 dialects over the telephone or via email. With headquarters in Berlin, Karlsruhe. Hong Kong and New York, Chrono24 was founded in 2003. Over 400 people work for the business.
General Atlantic remains a significant global growth assets company. Almost 400 growing companies have received monetary and strategic help from the company over its more than 40 years in operation. The business was established in 1980 to work with forward-thinking business owners and make an enduring effect. The organization works with outstanding founders and business managers to build creative businesses throughout the globe using a cooperative systemic methodology, sector-specific knowledge, a long funding vision, and a profound grasp of fundamental driving forces.
With locations in NYC, Los Angeles, and France, Aglaé Ventures seems to be a global investment company. Agache, the investment group of the Arnault dynasty and the largest stakeholder of LVMH, one of the most prosperous luxury products businesses on earth, offers monetary aid. For more than three decades, Agache has supported numerous fast-growing creative businesses in different phases of development.
How can I begin buying and trading timepieces on Chrono24?
On Chrono24, used watch vendors fall into two groups. The majority of the system’s sellers are private owners. They might be trying to offer their timepieces or use the money they make from exchanging these items to boost their livelihood. The other sellers here work as merchants full-time. They could be approved merchants who accept deals and buy used timepieces or artisans who offer pre-owned timepieces. Being an intelligent business aware of how all groups function, Chrono24 knows that every supplier categorization has a unique set of criteria.
What should you watch out for on Chrono24?
Chrono24 is a big marketplace, and occasionally the timepieces offered by independent dealers could be better. One of these vendors recently gave our acquaintance a suspect watch, which he wished to replace. Regrettably, returning the wristwatch requires the vendor’s consent. Since Chrono24 serves as a forum to match sellers with buyers, and considering their assurance only really pertains to authorized sellers, he’ll likely lose the payment. Always be aware of who the vendor is while purchasing from private parties. Spending your money on stuff that is likely fake or has unreported problems differs from stuff you would like to do.