|
RAPAPORT...
Luxury watch marketplace Chrono24 secured a $22.8 million series A investment from private equity firm Insight Venture Partners. Chrono24 intends to use the funding to open new sales and customer service offices in the U.S. and Asia and further invest in its marketplace channel and expand its transaction service to new regions.
Chrono24 sells new and pre-owned watches in more than 80 countries and it stated that the value of sales in 2014 exceeded $500 million. The company's website lists 195,549 watches for sale as of press time. Recently, Chrono24, acting as a middleman in the transaction process, introduced "Trusted Checkout" in the U.S. and Europe, which it said allows buyers to purchase watches through an easy and secure process and safeguards the purchase is completed to the satisfaction of both parties. With the new funding, the company plans to rollout the service to additional countries.
Current shareholders include Fabrice Grinda, Jose Marin and Rocket Internet. Chrono24's co-CEOs, Tim Stracke and Dirk Schwartz and its chief technology officer, Michael Krkoska, will maintain a majority ownership.
Stracke said, "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."
Deven Parekh, a managing director at Insight Venture Partners, said, "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."
|