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Endeit, Tengelmann lead $34m series-D for Chronext

Oscar Geen
15 January 2018

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Endeit Capital and Tengelmann Ventures have joined a consortium of existing investors to provide a $34m series-D funding round for luxury watch marketplace Chronext.

Octopus Ventures, Partech Ventures and Capnamic were among the existing investors to take part in the financing.

The fresh capital will be used to accelerate corporate growth and strengthen direct relationships with watch brands.

Previous funding
Capnamic led a series-A funding round of an undisclosed value for Chronext in November 2014. NRW Bank, Quintessentially Group and JamJar Investments also took part.

Capnamic and NRW Bank returned in November 2015 alongside Partech, Omnes Capital, MGO Digital Ventures and Playfair Capital to provide the company with a $5.3m series-B.

Finally, Partech led an €11m series-C round with participation from Capnamic, Inventure, NRW and Octopus Investments in 2016.

Company
Founded in 2013 by Philipp Man and Ludwig Wurlitzer, Chronext is an online platform for buying and selling new and secondhand luxury watches. It also has a flagship boutique in London.

The company currently offers an online selection of more than 28,000 watches and reports annual sales growth of 230%. It is currently headquartered in Zug and has offices in Munich, Cologne and London.

People
Chronext – Philipp Man, Ludwig Wurlitzer (founders).

Advisers
Company – Arma Partners (corporate finance).