CVC announced that CVC Capital Partners IX has agreed to invest in Chess.com, the world’s largest online chess platform.
CVC is joining longstanding investor General Atlantic, which will remain a shareholder in Chess.com. Terms of the transaction were not disclosed.
Chess.com has more than 250 million members worldwide and 10 million daily active users. The platform’s mission is to serve the global chess community by making the game accessible, enjoyable, and rewarding for players of every level.
The platform offers live play, game analysis, puzzles, lessons, live coverage of major tournaments, a social community, and a library of courses.
Chess.com has more than 650 team members and operates as a fully remote organization. Its growth has accelerated in recent years due to major cultural moments such as The Queen’s Gambit, creator-led content, and viral social media activity that introduced chess to new audiences.
CVC said it brings experience across online entertainment, live events, sports, video games, digital subscription platforms, media rights, and sponsorship. The firm plans to work with Chess.com to improve the product and expand the game’s presence globally.
General Atlantic has been a partner to Chess.com since 2022 and will continue supporting the company as it builds on its momentum.
Goldman Sachs served as the exclusive financial advisor to Chess.com.
KEY QUOTES:
“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.”
Erik Allebest, Founder and CEO of Chess.com
“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.”
Nick Clarry, Managing Partner and Head of Sports, Media & Entertainment at CVC
“Over more than four years of partnership together, our conviction in Chess.com has only deepened. Erik and the team’s genuine love of the game has helped grow an engaged global community, and we believe there is substantial opportunity ahead to continue delivering creative experiences to more players around the world. We are proud to support Chess.com’s mission and look forward to partnering with CVC as the company builds on its momentum.”
Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic
