Watch sales platform Chronext has launched an 11m euro (£8.73m) round of funding to aid global expansion plans.
The Series C funding round was led by tech investors Partech Ventures and joined by Octopus Ventures, who have a track record with online marketplace businesses such as made.com, Zoopla, Secret Escapes, Property Partner, Graze and LoveFilm.
Philipp Man, co-founder and chief executive officer of Chronext, said: “We are extremely happy about the vote of confidence of Partech Ventures, which is leading this round, our existing shareholders and our new partner Octopus Ventures. The support of Partech, who [have] years of experience with marketplaces and e-commerce, along with their vast international network and capital under management, will allow Chronext to evolve into the largest player in the luxury timepiece market in the near future.”
They joined existing investors Capnamic Venture, NRW.BANK and InVenture Partners.
Not only has Chronext created an international online hosting platform for the sale of watches which is used by retailers and private individuals alike, but last year also opened a London store, its first, on Piccadilly.
Chronext states that it grew revenues by 380% between December 2014 and December 2015.
Olivier Schuepbach, general partner of Partech Ventures, said: “Chronext is operating a unique model to become a global digital leader in the huge market of luxury watches. We were especially impressed by the level of expertise of the founding and management team, which in our opinion will be a clear differentiator for success.”