CVC Capital Partners invests in Chess.com to support global growth

• General Atlantic will remain a shareholder in Chess.com.
• Chess.com has more than 250m members and 10m daily active users.
• The platform employs more than 650 people in a fully remote organisation.

Chess.com has secured a new investment from private markets firm CVC Capital Partners to support the continued growth of its platform and the global chess community.

CVC Capital Partners IX will join existing investor General Atlantic, which will remain a shareholder. Financial terms of the transaction were not disclosed.

The firm has previously invested in gaming and entertainment businesses, including RuneScape developer Jagex.

CVC said it will work with Chess.com to develop the platform further while drawing on its experience across sports, video games, online entertainment and live events. 

Chess.com claimed it now has more than 250 million members worldwide and 10m daily active users. 

The fully remote company employs more than 650 people and offers live play, game analysis, puzzles, lessons, tournament coverage, social features and a library of chess courses.

Platform expansion

Chess.com Founder and CEO Erik Allebest said the company remains focused on the same mission it began with 20 years ago. 

"Twenty years ago we set out to build a space for people who love chess," said Allebest. “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.”

CVC Capital, on the other hand, said its expertise in media rights, sponsorships and live events could help expand chess's global reach. Goldman Sachs served as Chess.com's exclusive financial advisor on the transaction.