Chrono24, a Karlsrhue, Germany-based marketplace for luxury watches, raised $22.8m in Series A funding.
Insight Venture Partners made the investment alongside current shareholders Fabrice Grinda, Jose Marin as well as Rocket Internet.
The companhy plans to use the capital to open new sales and customer service offices in the United States and Asia, as well as continue investments in innovation for its marketplace product and trusted transaction services.
Led by Co-CEOs Tim Stracke and Dirk Schwartz as well as CTO Michael Krkoska, Chrono24 is a global marketplace for new and pre-owned luxury watches for both private and professional buyers and sellers in over 80 countries. In 2014, watches sold through the company had a combined value exceeding $500 million. Currently, nearly 200,000 watches are listed on Chrono24, bringing the total value of watches to well over $1 billion.
It recently introduced Trusted Checkout, which allows buyers to purchase watches from participating sellers through a secure process.
Established in 2003, the company has a branch office in Berlin and over 50 employees.