FundraiseJun 25, 2026, 15:37 UTC

CVC Capital Partners invests in Chess.com

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

CVC joins General Atlantic, an investor since 2022, which will remain a shareholder. Terms were not disclosed.

Chess.com counts more than 250 million members and 10 million daily active users. The fully remote company, with over 650 staff, offers live play, lessons, puzzles, and tournament coverage.

Why now? Chess has surged in popularity, fuelled by the Netflix hit The Queen's Gambit , a large creator community, and viral social media moments that drew millions of new players.

CVC sees room to grow further through live events, media rights, and sponsorship — areas where it has invested across sports, video games, and live entertainment for 25 years.

"Chess belongs to billions of people around the world," said founder and chief executive officer Erik Allebest. "Our job is to keep building something worthy of their trust and support."

What could go wrong? Chess.com's recent boom rests partly on cultural moments that may fade, and converting casual players into lasting, paying members is no certainty.

Bringing in a private equity backer also raises the question of whether monetisation pressure could strain a community that values open access.

The signal: CVC's investment, made through its Fund IX and led by its Sports, Media & Entertainment team, extends a 25-year playbook of backing global community platforms across football, rugby, and esports into a new arena. For a late-stage company like Chess.com, adding CVC alongside General Atlantic — a backer of more than four years — points to ambitions in live events, media rights, and sponsorship rather than a near-term exit.