DRAPER, Utah–(BUSINESS WIRE)–January 14, 2022–
Chess.com, the world’s largest chess platform, today announced that General Atlantic, a leading global investor in growth stocks, has become a major investor and partner in their mission to grow the game of chess. The terms of the transaction have not been disclosed.
Launched in 2007, Chess.com is the world’s leading online destination for playing, learning and watching chess, with over 75 million registered users and over 10 million games played every day. Chess.com offers a wide range of free and paid options for both novice and experienced players, including online chess play, puzzles, game analysis, and hundreds of lessons taught by chess grandmasters and coaches. Members can connect with friends through a social community through the Chess.com app and website, ChessKid, Learn Chess With Dr. Wolf and other apps. Chess.com has also become a major content provider to the global chess community, streaming some of the world’s largest chess tournaments, including the World Chess Championship. Chess.com currently has 300 full-time team members.
The age-old game of chess has seen a renaissance in recent years, fueled by the convergence of several factors, including the Covid-19 pandemic, mainstream media outlets such as Netflix’s hit show “The Queen’s Gambit,” and the growing popularity of chess in esports channels such as Twitch. and YouTube.
“Our mission is simple: to help people enjoy chess,” said Erik Allebest, CEO and co-founder of Chess.com. “As a mission-driven, bootstrapped company that never raised venture capital, we knew we needed an experienced, smart partner to help us navigate our next growth phase. General Atlantic has long been committed to working together to help businesses grow and prosper, and we are more than excited to partner with them to bring the joy of chess to millions of people around the world.”
Anton Levy, Co-President, Managing Director and Global Head of Technology Investing at General Atlantic, commented: “As interest in chess continues to grow, we believe Chess.com has an opportunity to make this classic game even more accessible. for new and existing players around the world. We are excited to support Chess.com’s vision of using technology to further build the global chess community and look forward to working with Erik and the team to bring the platform to grow.”
Tanzeen Syed, Managing Director at General Atlantic, continued: “Chess.com is at the beginning of its growth story. Looking ahead, we are excited to help Chess.com drive the continued international expansion of its platform, develop new products and features, and continue to grow its loyal and engaged community of global chess players.”
Houlihan Lokey advised on the deal. Legal services were provided by Latham & Watkins; Paul, Weiss; Herzog Fox & Neeman; Shartsis Frisian; and Poultan & Jordan.
Chess.com is the world’s largest chess platform, with a community of more than 75 million members from around the world who play more than 10 million games every day. Launched in 2007, Chess.com is the leader in chess news, lessons, events and live entertainment. Visit Chess.com to play, learn and connect with chess, the world’s most popular game.
About General Atlantic
General Atlantic is a leading global growth equity company with more than four decades of experience providing capital and strategic support to more than 445 growth companies throughout its history. Founded in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the company combines a global collaborative approach, industry-specific expertise, a long-term investment horizon and a deep understanding of growth engines to partner with great entrepreneurs and management teams to create innovative solutions. scaling businesses. around the world. General Atlantic currently has more than $86 billion in assets under management, including all products as of September 30, 2021, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, Sao Paulo, Shanghai, Singapore and Stamford. For more information about General Atlantic, visit the website: www.generalatlantic.com.
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PUB: 14/01/2022 07:00/DISC: 14/01/2022 07:02
Copyright Business Wire 2022.