CVC's Fund IX backs Chess.com, joining General Atlantic on the register

CVC Capital Partners has agreed to invest in Chess.com, the world's largest online chess platform, through its Fund IX.

The firm joins existing backer General Atlantic, which is staying on as a shareholder, as the business pushes further into live events, media, and community-driven growth.

Nick Clarry, managing partner and head of sports, media and entertainment at CVC, said that “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.” He then pointed to a quarter-century of investing across sports, video games, and live events. CVC sees scope to apply that experience in live events, media rights, and sponsorship to widen chess’s reach.

Chess.com counts more than 250 million members worldwide and 10 million daily active users, with over 650 staff operating as a fully remote organisation. Its growth has been propelled by cultural moments such as The Queen’s Gambit, a large creator community, and viral social media that has drawn millions of new players to the game.

For General Atlantic, a backer since 2022, the deal marks a continuation rather than an exit. Tanzeen Syed, managing director and head of consumer internet and technology at the firm, said its conviction had only deepened over more than four years of partnership, citing substantial opportunity to bring creative experiences to more players globally.

“Chess belongs to billions of people around the world. Our job is to keep building something worthy of their trust and support,” said founder and chief executive Erik Allebest, naming CVC and General Atlantic as partners for the company’s third decade.