Germany-based online luxury watch marketplace Chrono24 has raised more than €100m ($118m) in a Series C investment round.

The financing round was led by growth equity firm General Atlantic and its contributors included Insight Partners, Sprints Capital and Aglaé Ventures.

Chrono24 plans to use the proceeds from the financing to facilitate its international growth and strengthen its presence in existing markets.

The company also plans to add new talent to its global team and optimise its user experience in the flourishing pre-owned luxury watch sector to attract more collectors.

Chrono24 co-CEO Tim Stracke said: “Once again, Chrono24 has been able to win premier growth-experienced partners like General Atlantic and Aglaé Ventures.

“As originators of the digital marketplace concept within the luxury watch world, we’ve built a platform that not only supports and encourages evolving consumer behaviour, but also provides invaluable proof of concept to an industry that has traditionally shied away from disruption.

“We are very pleased that General Atlantic and Aglaé Ventures recognise the vast market potential lying in the digital evolution of luxury retail and our company’s role in this industry.”

General Atlantic Germany managing director Jörn Nikolay said: “Since its establishment in 2003, Karlsruhe-based Chrono24 has become a global pioneer in the creation of a cross-border online marketplace for luxury watches, with an innovative model underpinned by transparency and sustainability.

“We are pleased to support Chrono24 with our capital and expertise in its ongoing global expansion.”

Based in Karlsruhe, Chrono24 has around half a million luxury watches for sale on its list.

The retailer has more than 3,000 retail dealers and 30,000 private sellers, serving an average of 500,000 visitors a day.

During a Series B financing round in 2019, the company secured €43m ($50.4m) from Sprints Capital and other investors.

The latest funding takes the company’s total funds raised to around €200m ($236m).