HODINKEE Announces Series B Financing Led by TCG, Former Mr. Porter Managing Director Toby Bateman Named CEO, and Tony Fadell Joins Board
In addition, HODINKEE announces the appointment of Mr. Toby Bateman as its new Chief Executive Officer.
HODINKEE, the world’s preeminent brand for all things watches, announces the close of its Series B funding round, for a total consideration of $40M. The round was led by TCG, an affiliate of The Chernin Group, LLC, with participation from new and existing investors, including LVMH Luxury Ventures, True Ventures, Tony Fadell’s Future Shape, and six-time Super Bowl Champion Tom Brady. 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/e-commerce capabilities and editorial product development.
In addition, HODINKEE announces the appointment of Mr. Toby Bateman as its new Chief Executive Officer. Mr. Bateman is a well-regarded executive and the former Managing Director of Mr. Porter, a leading luxury men’s e-commerce site. He will assume his new role effective December 1, 2020. Founder and current CEO Benjamin Clymer will be stepping into the role of Executive Chairman.
As CEO, Mr. Bateman will guide HODINKEE as it expands its editorial, product, and service offerings benefiting the devoted watch community. Mr. Bateman is recognized as an e-commerce leader, bringing a specialist approach to the business by understanding the importance of content, product expertise, speed of service, and community building. That approach makes him uniquely qualified to lead HODINKEE and leverage content and commerce in a way that is authentic, thoughtful, and in tune with today’s luxury consumer.
Joining HODINKEE as a Board member is inventor, entrepreneur, and investor Mr. Tony Fadell. Reverently referred to as the “Father of the iPod,” Mr. Fadell joined Apple Computer Inc. 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 Mr. 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. 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,” said Founder and Executive Chairman Benjamin Clymer. “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 onboard as our new CEO and am pleased to welcome TCG, LVMH Luxury Ventures, Tom Brady, and more into the HODINKEE family.”
Jesse Jacobs, Co-Founder and Partner at TCG said: “HODINKEE is the rare company that combines a strong brand, world-class editorial, a passionate and loyal audience, and a thriving commerce business. HODINKEE represents the new school – digital, personal, accessible, agile – while also paying respect to the heritage and centuries of craftsmanship of the watch industry. Brand, editorial, curation, commerce, and service are the key ingredients for success and HODINKEE has them all. We at TCG are thrilled to support Ben, Toby, and the whole team in the next phase of growth for the company.”
“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,” said new CEO Toby 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.”
“Like a well-made watch, HODINKEE’s attention to detail, quality, and creativity captured my attention back in ’14. I had to meet Ben. Ever since, I’ve had the privilege to help him and his knowledgeable, dedicated team. Honored to be even more involved now as a Board Member,” said Tony Fadell, Principal at Future Shape.
About HODINKEE
Headquartered in NYC, HODINKEE is the foremost destination for all things watches. Founded in 2008 by Benjamin Clymer, HODINKEE has grown from a blog writing about mechanical timepieces into a leading media and commerce company. HODINKEE has the world of watches covered: website, podcast, magazine, social media, the HODINKEE Shop, and HODINKEE Insurance. With its respected point of view, engaging storytelling, curated product selection, and enthusiast-focused services, HODINKEE is at the forefront of the best the world of horology has to offer and the community that supports it. hodinkee.com
About TCG
Founded by Peter Chernin, Jesse Jacobs, and Mike Kerns, TCG, an affiliate of The Chernin Group, LLC, is an investment firm dedicated to building consumer businesses. The TCG team has a track record of working with world-class consumer brands in content, commerce, and consumer-tech, including Crunchyroll, Headspace, MeatEater, Exploding Kittens, Food52, The Action Network, SketchyMedical and Barstool Sports. tcg.co
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