Online watch site Hodinkee has secured $40 million in a new round of Series B financing led by TCG, an affiliate of The Chernin Group. LVMH Luxury Ventures, True Ventures, Tony Fadell’s Future Shape, and six-time Super Bowl Champion Tom Brady also took part in the round. Additional investors include GV (formerly Google Ventures) and seven-time Grammy award winner John Mayer. Hodinkee will use the investment to further accelerate its retail and e-commerce capabilities and editorial product development.
In addition, Hodinkee has tapped Toby Bateman as its new chief executive officer. Bateman is a well-regarded executive and the former managing director of online menswear retailer Mr. Porter. As CEO, Bateman will guide Hodinkee as it expands its editorial, product, and service offerings benefiting the devoted watch community.
Founder and current CEO Benjamin Clymer will be stepping into the role of executive chairman.
Joining Hodinkee as a Board member is inventor, entrepreneur, and investor Tony Fadell. Reverently referred to as the “Father of the iPod,” Fadell joined Apple Computer in 2001. He was the senior vice president of the iPod division, leading the team that created the first 18 generations of the iPod and the first three generations of the iPhone. In 2010, he founded Nest Labs, which was acquired by Google in 2014. Currently, Fadell is the principal at Future Shape, a global investment and advisory firm with a focus on foundational technology and companies whose products are designed to enrich our lives.
With the capital investment and addition of Bateman, Hodinkee will continue to build a trusted, knowledgeable, and approachable brand that has been the go-to resource for all things watches for more than a decade. Editorially, fans of the brand can look forward to new products that further explore the nuances and stories that make this industry so compelling, as well as more service-oriented articles. In the Hodinkee Shop, consumers will see an increase in offerings from both the vintage and modern watch business lines as well as the continuation and expansion of Hodinkee Limited Edition watches and products. Development of services for the watch community will also be an important part of what Hodinkee will offer going forward. An example of such is the recently launched Hodinkee Insurance, a 21st-century insurance solution to mitigate the pain points of protecting one’s timepieces.
“When I began Hodinkee more than a decade ago, my goal was to make the world of mechanical watches more fun and approachable,” said Clymer. “I wanted to ensure that this beautiful craft exists for generations to come, and to simply share an appreciation for well-made things. The goals haven’t changed. I am confident that with our new partners, we will be able to welcome new watch lovers into the world of Hodinkee. In my new role as executive chairman, I will be able to spend each day of the week doing what I love most, ensuring that Hodinkee remains connected to the core tenets of why we exist in the first place – to serve our community. I am proud to have Toby on board as our new CEO and am pleased to welcome TCG, LVMH Luxury Ventures, Tom Brady, and more into the Hodinkee family.”
“Hodinkee is a brand that I have long admired and been a fan of. I give a lot of credit to Ben and the team for bringing the world of watches online,” added Bateman. “Hodinkee has the unique ability to offer insight, information, and product curation accessible to everyone and anyone. I am thrilled and honored to be joining the team and excited to be a part of Hodinkee’s future.”