Chubb’s partner Hodinkee raises $40 million

Hodinkee , the NYC-based online source for watch news, announced a $40 million Series B funding round. The round was led by TCG, an affiliate of The Chernin Group, 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.

In addition, Hodinkee announced 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.

Founded in 2008, Hodinkee is in part a media brand and in part an e-commerce brand via its HODINKEE Shop. According to the company, 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.

More recently, Hodinkee entered insurance in partnership with Chubb as the company emphasized the importance of developing “services for the watch community.”

Bottom Line: execution matters especially when dealing with an insurance product where you have to create a purchasing intent. For example, when Prudential partnered with Babylist to offer term life insurance to new parents, the insurance product was buried deep into the site and this partnership, unsurprisingly, is no longer active. Hodinkee insurance is available via the main menu.