Chess.com Secures Investment from CVC Capital Partners to Fuel Global Growth in the Chess Community
Chess.com Welcomes CVC Capital Partners as New Investor to Propel Global Growth
October 5, 2023
In a significant move for the chess community, Chess.com has announced that CVC Capital Partners, a leading private markets investment firm, has joined existing investor General Atlantic in a new partnership aimed at expanding the game worldwide. The announcement, made on Thursday, marks a pivotal moment as Chess.com enters its third decade of operation.
Founded 20 years ago, Chess.com has consistently focused on its mission to grow the game of chess and serve its global community. Erik Allebest, the company’s founder and CEO, expressed enthusiasm about the new partnership, stating, “Twenty years ago, we set out to build a space for people who love chess. We see CVC as an incredible partner who, alongside General Atlantic, can help us continue driving this same mission into our third decade.”
Nick Clarry, Managing Partner and Head of Sports, Media & Entertainment at CVC, echoed Allebest’s sentiments, emphasizing the cultural significance of chess. “Chess is a game loved by many people and culturally important to many communities around the world. It is a privilege to join Erik and the team at Chess.com as custodians for this special game as they continue their journey to improve the platform for players and fans worldwide.”
CVC’s investment is expected to enhance Chess.com’s platform, leveraging the firm’s extensive experience in sports, media, and live events. With expertise in media rights, sponsorships, and international sporting events, CVC aims to help chess reach new audiences and further grow its global presence.
This announcement comes on the heels of remarkable growth for Chess.com, which has seen its membership soar to over 265 million and boasts 10 million daily active users. This surge can be attributed to the online chess boom ignited by Netflix’s hit series The Queen’s Gambit, as well as a thriving creator ecosystem and major online events.
General Atlantic, which will continue to be a shareholder, reaffirmed its commitment to Chess.com. Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic, stated, “Over more than four years of partnership together, our conviction in Chess.com has only deepened. We are proud to support Chess.com’s mission and look forward to partnering with CVC as the company builds on its momentum.”
While the financial terms of the transaction remain undisclosed, the collaboration between Chess.com and CVC Capital Partners is poised to usher in a new era for the beloved game, ensuring that chess continues to thrive in the hearts of millions around the globe.