Chrono24 Secures $118M in Latest Funding Round
Aglaé Ventures, part of the investment company of LVMH’s Arnault family, helped fund the direct-to-consumer watch company.
Equity firm General Atlantic led the funding round alongside Aglaé Ventures, the technology arm of the Arnault family’s investment company.
The Arnault family is behind luxury conglomerate LVMH, which owns brands like Louis Vuitton, Christian Dior, Tiffany & Co., and Bulgari.
Existing investors Insight Partners and Sprints Capital also took part in the round.
Chrono24 has raised $236 million in total and will use the funds to jumpstart its growth.
The watch company wants to widen its footprint in existing markets and expand into new ones, while also searching for top talent.
Looking to capitalize on the growing pre-owned watch market, Chrono24 plans to revamp its user experience in the hopes of attracting a new generation of watch collectors.
Sales of secondhand fine watches are expected to reach $30 billion by 2025, making it one of the fastest- growing segments in the luxury industry, as per a report by McKinsey.
The research firm McKinsey compiled its “State of Fashion, Jewellery and Watches” report using data from Chrono24.
In 2020, Chrono24 saw total transaction volume rise 30 percent year-over-year, with pre-owned watches accounting for two-thirds of sales.
“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,” said Chrono24 Co-CEO Tim Stracke in a press release.
“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.”
Sponsored by AGTA
All proceeds up to $25,000 will benefit the It Gets Better Project, a nonprofit that supports LGBTQ+ youth.
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