KARLSRUHE, Germany, July 17, 2015 /PRNewswire/ -- Chrono24, the leading global marketplace for luxury watches, today announced a $22.8 million series A investment from New York-based venture capital and private equity firm Insight Venture Partners. The Chrono24 team plans to use the capital to open new sales and customer service offices in the United States and Asia, as well as continue investments in innovation for its marketplace product and trusted transaction services.
Chrono24 has become the leading marketplace for new and pre-owned luxury watches for both private and professional buyers and sellers in over 80 countries. In 2014, watches sold through the Germany-based company had a combined value exceeding $500 million. Currently, nearly 200,000 watches are listed on Chrono24, bringing the total value of watches to well over $1 billion.
The market for new and pre-owned watches is estimated to be nearly $50 billion annually, with a global community of watch aficionados and dealers trading a wide variety of luxury brands and unique watches every year. The hallmark of Chrono24's leadership derives from it having the largest inventory of watches out of any other online marketplace and an accurate price comparison for many unique and limited availability assets.
Chrono24's recently introduced Trusted Checkout allows buyers to purchase watches from participating sellers through an easy and secure process. The buyer no longer has to worry about sending significant sums to an unfamiliar watch dealer. Instead, Chrono24 acts as a middleman and safeguards that the purchase is completed to the satisfaction of both parties. This makes buying a watch in New York and selling it in Paris as safe and convenient as going into a jewelry store. Chrono 24's Trusted Checkout is currently offered in the European Union and the United States. The company plans to expand Trusted Checkout to additional countries in the coming months.
Alongside the investment from Insight, current shareholders will continue to support Chrono24, among them are leading global online marketplace experts Fabrice Grinda and Jose Marin as well as Rocket Internet, known for its global execution power. Co-CEOs Tim Stracke and Dirk Schwartz as well as CTO Michael Krkoska will maintain a majority ownership in Chrono24 and will continue to be the driving force behind the company's growing team of over 50 employees.
"We are extremely happy to announce our new partnership with Insight Venture Partners. Their experience with global online marketplaces will give us the tools we need to become the marketplace of choice for watch buyers and sellers in Europe, the Americas, and Asia," said Tim Stracke, co-CEO of Chrono24.
Deven Parekh, managing director at Insight Venture Partners commented, "We have been impressed by the drive and passion of the Chrono24 team and what they have been able to accomplish. The company has become a true industry leader and we are pleased to partner with the management team as they enter their next phase of continued growth."
Chrono24 is the leading global marketplace for luxury watches. Established in 2003, it has been reshaping the international market for high-quality timepieces ever since. Professional dealers and private sellers from all over the world offer nearly 200,000 watches on the platform. Every day, Chrono24 attracts more than 300,000 watch enthusiasts from over 80 countries. Chrono24's headquarters in Karlsruhe, Germany, and branch office in Berlin combine a growing number of over 50 employees. For more information about Chrono24, please visit http://about.chrono24.com
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $10 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit http://www.insightpartners.com or follow us on twitter: @insightpartners.com.