Partech Ventures invests in Chronext, a curated online market place for luxury watches
The platform for buying and selling luxury watches CHRONEXT has completed another successful financing round and raised a total of $ 5.3M. Partech Ventures, other VCs, existing investors, as well as several business angels, took part in the latest round of financing. CHRONEXT intends to use this fresh injection of capital for marketing, IT and customer care. Its strategic objective is to strengthen its market position in German-speaking Europe and the UK.
"We are very pleased to welcome so many prominent VCs on board and that all the existing investors will continue to support the development of our company. We are the leading marketplace with a business model that simultaneously offers fair prices, exceptional service and a level of security that is unique in the luxury watch segment. We will use the new round of funding to aggressively accelerate our expansion in our core markets", said CHRONEXT founder and CEO Philipp Man. "In 2015 we were able to optimise our processes, enabling us to generate substantial eight-figure revenue and expand our customer base tenfold this year. That has given us the ideal basis for our next phase of rapid growth."
Otto Birnbaum from Partech Ventures is also satisfied: "We are very pleased to have invested in CHRONEXT. Philipp Man and Ludwig Wurlitzer are outstanding founders, with whom CHRONEXT are reshaping the market for luxury watches. CHRONEXT is a transparent, secure and highly liquid marketplace that is bringing a number of key innovations to the traditional watch business."
More info is available on www.gruenderszene.de (in German).