Chrono24, the online luxury watch marketplace, has received a $22.8 million investment from private equity firm Insight Venture Partners.
The Germany-based company sells new and pre-owned luxury watches in 80 countries, and in the United States and European Union it acts as a middleman between buyers and sellers. In 2014, worldwide sales exceeded $500 million. The cash infusion will be used to fuel international growth, including opening new offices in the United States and Asia.
“We are extremely happy to announce our new partnership with Insight Venture Partners,” said Tim Stracke, co-CEO of Chrono24. “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.”
“We have been impressed by the drive and passion of the Chrono24 team and what they have been able to accomplish,” said Deven Parekh, managing director at Insight Venture Partners. “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.”