Online watch marketplace Chrono24 has reached a company value of over $1 billion USD after raising approximately $117 million USD in a Series C fundraising round. The funding round attracted the interest of LVMH backed Aglaé Ventures, also known as the luxury conglomerate family’s technology arm.
The move signals continued growth for the second-hand watch market, a growth that has proven to be much faster than the new premium watch space. With digital continuing to play a large part in overall sales, Chrono24 has proved the importance of online platforms for both new and pre-owned timepieces. With the money raised, the company plans to increase its presence across regions worldwide, continuing to expand in the 100 countries it already operates in.
Chrono24 currently carries approximately 500,000 watches and works alongside over 3,000 retailers and 30,000-plus private sellers, with an average reach of nine million unique visitors per month. Second-hand watch sales are expected to rise to at least $29 billion USD by 2025. The latest funding round also saw other equity firms like General Atlantic and Insight Partners and Sprints Capital invest in the online watch marketplace.
In other watch news, Chanel unveiled a sporty monsieur Superlegerra edition.