CVC, a big private markets investment firm, announced that CVC Capital Partners IX has agreed to invest in Chess.com.
Chess.com is the world’s largest online chess platform. CVC joins longstanding investor General Atlantic, which will remain a shareholder, as Chess.com continues to expand its platform and strengthen its offerings for the global chess community. CVC declined to say how much money it invested.
Chess.com is the largest chess community in the world, with over 250 million members worldwide and 10 million daily active users. Its mission is to serve the global chess community by making the game accessible, enjoyable and rewarding for players of every level. Chess.com offers its members live play, game analysis, puzzles, and lessons, alongside live coverage of major tournaments, a thriving social community, and a library of courses.
With over 650 team members, Chess.com operates as a fully remote organization. Its growth has been exponential in recent years, driven by major cultural moments such as The Queen’s Gambit, an extensive creator community, and viral social media moments that have inspired millions of new people to try chess for the first time. Through every chapter of its growth, Chess.com’s mission has remained consistent: to be a steward of the game loved across the world.
Erik Allebest, CEO of Chess.com, said in a statement, “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. Chess belongs to billions of people around the world. Our job is to keep building something worthy of their trust and support.”
Nick Clarry, managing partner and head of sports, media & entertainment at CVC, said in a statement, “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 has built an appreciation of and relevant experience as investors in global community platforms over the last 25 years – in sports, video games and live events – that we look forward to contributing to the future success of Chess.com.”
Goldman Sachs served as the exclusive financial advisor to Chess.com. Terms of the transaction were not disclosed.