Chronext, a Cologne, Germany-based platform for buying and selling luxury watches, closed $5.3m venture capital round.
Backers included Partech Ventures, InVenture Partners, MGO Digital Ventures, Altus Capital and Playfair Capital and existing investors Capnamic Ventures and NRW.Bank, as well as several business angels.
The company intends to use the funds to increase their marketing, technology and customer success efforts and expand its market share in German-speaking Europe and the UK.
Founded in 2013 by CEO Philipp Man and Chief Product Officer Ludwig Wurlitzer, Chronext operates an e-commerce marketplace for buying, selling and servicing luxury watches via a secure experience.
The company, which also has branches in London, Cologne and Zug (Switzerland), serves an international client base of over tens of thousands of clients.