CVC, one of the world's leading private markets investment firms, with deep expertise investing in sports, video games and other community platforms, today announced that CVC Capital Partners IX (“Fund IX”) has agreed to invest in Chess.com, 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.
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, Founder and CEO of Chess.com, said:
"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:
“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.”
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
Nick Clarry Managing Partner and Head of Sports, Media & Entertainment at CVC
Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic, said:
“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.”
CVC brings deep experience in online entertainment and live events, from digital subscription platforms to major international sports leagues, and will work with the Chess.com team to keep improving the product and growing the game's presence on the world stage. Their expertise in live events, media rights, and sponsorship opens real possibilities for chess to reach audiences it hasn't reached yet.
General Atlantic has been a partner to Chess.com since 2022, knows the business extensively, and will continue to be invested in its success. Together with Erik and the Chess.com leadership team, this group is committed to building something that the chess community can continue to be proud of, for many years to come.
Goldman Sachs served as the exclusive financial advisor to Chess.com. Terms of the transaction were not disclosed.