TCG, an affiliate of over-the-top media company The Chernin Group, has led a $40m series B round for US-based online watch retailer and media brand Hodinkee.
The round included internet and technology group Alphabet’s GV unit and LVMH Luxury Ventures, the corporate venturing vehicle for luxury goods producer LVMH, as well as investment and advisory firm Future Shape and angel investors John Mayer and Tom Brady.
Hodinkee combines an e-commerce and watch insurance service with a horology-focused media offering that includes a website, magazine, podcast and social media accounts.
The company announced the round together with the appointment of Toby Bateman as its new chief executive, with founder and current CEO Benjamin Clymer moving to chairman. Bateman had been managing director of online men’s fashion retailer Mr Porter.
TCG co-founder and partner Jesse Jacobs said: “Hodinkee is the rare company that combines a strong brand, world-class editorial, a passionate and loyal audience, and a thriving commerce business.
“Hodinkee represents the new school – digital, personal, accessible, agile – while also paying respect to the heritage and centuries of craftsmanship of the watch industry. Brand, editorial, curation, commerce and service are the key ingredients for success and Hodinkee has them all.”
The company has not revealed details of earlier financing but its backers also include venture capital firm Slow Ventures. It will put the series B cash into expanding its editorial products and e-commerce business.
