Checkmate in Media Tech: General Atlantic Bets on Chess.com and Insider

Chess, a game of strategy and intellect with a history spanning centuries, is making a bold leap into the digital era as it joins the lineup for the 2025 Esports World Cup (EWC). Through a partnership between the Esports World Cup Foundation and Chess.com, the competition aims to introduce competitive online chess to a younger, tech-savvy audience.

With over 600 million players worldwide, chess is uniquely poised to captivate fans both old and new. The initiative has gained further momentum with Magnus Carlsen, the reigning World Chess Champion, serving as its global ambassador. Carlsen’s involvement underscores the potential of this collaboration to inspire a new generation of players while broadening the game’s appeal in the competitive gaming space.

This integration of chess into the esports world reflects a much larger trend—the rapid growth and diversification of the gaming industry. As esports continues to evolve, traditional games like chess are finding fresh relevance, contributing to the expansion of a global market that shows no signs of slowing down.

The esports gaming industry’s growth is driven by a global surge in video game players now exceeding 3 billion. This immense audience offers unparalleled opportunities for businesses, as gaming cements its role as a core component of the evolving media landscape. The gaming sector’s market value, currently estimated at $184 billion, has already surpassed the combined worth of the global music and box office industries, with projections indicating it could double to over $360 billion by 2027. Esports has been a significant catalyst for this expansion, generating nearly $895 million in sponsorship and advertising revenues in 2023 and projected to surpass $1 billion by 2025, making it the largest revenue stream in the industry.

Complementing this financial growth is the steady rise in esports viewership. Global audiences reached an estimated 530 million in 2023 and are expected to grow by 50 million annually, reaching approximately 665 million by 2025. This thriving ecosystem is driven by key players like Riot Games, Activision Blizzard, and Epic Games, alongside influential organizers such as Modern Times Group and Gfinity PLC. The diverse audience base, predominantly composed of millennials and Gen Z, is geographically concentrated in the Asia Pacific region, with China alone accounting for nearly one-third of global viewership.

The growth of esports is emblematic of a broader transformation in the media landscape. Traditional boundaries of media consumption are dissolving, giving way to a dynamic ecosystem shaped by digitalization, shifting viewer preferences, and groundbreaking technological advancements. This evolution is redefining how content is created, delivered, and consumed, offering businesses, advertisers, and audiences new ways to engage.

In 2023, the global broadcast and media technology market was valued at $47.31 billion, with projections suggesting it could almost double to $86.72 billion by 2032, supported by a steady compound annual growth rate (CAGR) of 7%. Digital media revenues are surging even faster, set to reach $613.50 billion by 2025, while the global advertising industry is poised to surpass $1 trillion in revenue, driven by platforms like YouTube and TikTok. 

What lies at the heart of this transformation? A potent mix of technological breakthroughs, shifting consumer preferences, and the emergence of new revenue streams. The shift towards streaming platforms and on-demand content, accelerated by the COVID-19 pandemic, has upended traditional pay-TV models. Innovations in artificial intelligence (AI) and machine learning are redefining how content is tailored to individual tastes, while the meteoric rise of eSports is opening new frontiers in entertainment.

This rising trend is one of the reasons why General Atlantic is investing in media technology platforms such as Insider and Chess.com.

General Atlantic: A Pioneering Force in Global Growth Equity

Founded in 1980 as the investment arm of Atlantic Philanthropies by billionaire Charles F. Feeney, General Atlantic has evolved into one of the world’s most influential growth equity firms. Headquartered in New York City, the firm has a robust global presence, with 16 offices spanning major cities such as London, Hong Kong, and São Paulo. Managing approximately $97 billion in assets as of October 2024, General Atlantic employs over 900 professionals across 20 countries, working to empower visionary entrepreneurs and innovative companies.

The firm’s investment strategy is defined by a long-term approach, targeting high-growth sectors like Technology, Consumer, Financial Services, Healthcare, and Life Sciences. With a commitment to sustainable and impactful investments, it operates through multiple verticals:

• Growth Equity: Providing capital to high-growth, tech-enabled businesses.
• Credit Solutions: Offering flexible financing tailored to scaling enterprises.
• Climate and Sustainable Infrastructure: Fostering environmentally sustainable companies.

Under the leadership of CEO William (Bill) E. Ford and Co-Presidents Gabriel Caillaux, Martín Escobari, and Anton Levy, General Atlantic is renowned for its strategic partnerships and operational expertise, consistently ranking among the top global private equity firms.

The Investment Thesis: Why Media Technology?

General Atlantic has recently ramped up its investments in media technology platforms.This strategic focus underscores the firm’s recognition of the transformative potential of technology in reshaping the media landscape and meeting the evolving demands of global audiences.

Portfolio Diversification and Long-Term Partnerships

By investing in digital media platforms, General Atlantic also achieves greater portfolio diversification. This approach allows the firm to tap into emerging markets fueled by user engagement and innovative content delivery, broadening its reach beyond traditional sectors.

Moreover, the firm’s commitment to building long-term partnerships ensures that these companies are equipped not only with financial resources but also with strategic guidance. This dual focus enables sustainable growth and empowers portfolio companies to navigate the complexities of scaling in a dynamic digital landscape.

Strategic Focus on Digital Innovation

The company’s investment strategy leverages the immense market potential created by the rapid growth of digital media consumption. Platforms like Insider, renowned for its cutting-edge omnichannel experiences, and Chess.com, the leading online chess community, exemplify the shift toward niche, technology-driven media solutions. These platforms cater to the growing demand for tailored content and interactive experiences, delivering value through technological excellence.

Additionally, the firm’s focus on high-growth, tech-enabled companies aligns seamlessly with the disruptive nature of media technology. Leveraging advanced tools such as artificial intelligence, machine learning, and data analytics, these platforms are redefining industries by enhancing user engagement and offering personalized, data-driven experiences that meet modern consumer expectations.

Capitalizing on Market Demand

The rise in digital engagement presents a significant opportunity for General Atlantic. From streaming platforms to online gaming, consumers are increasingly prioritizing digital-first experiences. Chess.com, for instance, has witnessed remarkable growth, driven by the global surge in eSports and the popularity of online chess tournaments.

This evolution highlights the decline of traditional media and a growing preference for on-demand, flexible content consumption. General Atlantic’s investments are strategically positioned to capitalize on these trends, enabling the firm to stay at the forefront of the digital revolution and deliver long-term value to its portfolio.

Investment in Chess.com

Source: General Atlantic

Chess.com: The Digital Renaissance of a Timeless Game, Fueled by General Atlantic

Few platforms can claim to have redefined how the world interacts with a centuries-old game, but Chess.com has done just that. Since its launch in 2007, the company has grown into a global phenomenon, attracting over 75 million registered users and facilitating more than 10 million games daily. From novices learning the basics to seasoned grandmasters refining their strategies, it offers a robust suite of features, including gameplay, puzzles, game analysis, and lessons from world-class chess experts. Its ecosystem extends beyond the board, creating a thriving community through its apps, social features, and exclusive coverage of premier chess tournaments like the World Chess Championship.

This incredible journey has been driven by passion and innovation, helmed by co-founders Erik Allebest and Jay Severson. Bootstrapped from the start, the company has remained mission-driven, focusing on fostering a love for the game through accessibility and technology. Now, the platform is ready for its next chapter of growth, and it has found a formidable partner to help write it.

General Atlantic Joins the Game

On January 14, 2022, Chess.com announced a landmark partnership with General Atlantic. It brought more than just capital to the table—it offered a strategic vision and global expertise. While the terms of the transaction remained undisclosed, the partnership underscored General Atlantic’s belief in Chess.com’s potential to revolutionize the chess world further.

Why Chess.com? A Perfect Match

General Atlantic’s investment in Chess.com was rooted in several compelling factors:

1. Explosive Growth of Chess
   By 2022, chess had experienced a global resurgence, fueled by the convergence of the COVID-19 pandemic, the cultural impact of Netflix’s The Queen’s Gambit, and the rise of eSports platforms like Twitch and YouTube. Chess.com was at the epicenter of this renaissance, positioning itself as the go-to destination for chess enthusiasts worldwide.
2. Technology-Driven Accessibility
   Chess.com’s innovative platform leveraged cutting-edge technology to offer an unparalleled user experience. From AI-powered game analysis to engaging puzzles and lessons, the platform made chess more accessible and enjoyable than ever before.
3. Community and Content Leadership
   Beyond gameplay, Chess.com became a hub for the global chess community. Its ability to blend social interaction with high-quality content—such as streaming world-class tournaments—transformed it into more than just a platform; it’s a cultural cornerstone of the chess world.
4. Aligned Vision and Mission
   As Erik Allebest, Chess.com’s CEO, noted, the decision to partner with General Atlantic was driven by a shared commitment to growth and innovation. “We knew we needed an experienced, savvy partner to help us in our next stage of growth. General Atlantic has a longstanding commitment to partnership in helping companies grow and thrive, and we are beyond excited to work with them to bring the joy of chess to millions more across the globe.”

General Atlantic’s Perspective

General Atlantic saw Chess.com as a unique opportunity to combine tradition with technology in a way that resonated with modern audiences. Anton Levy, Co-President and Global Head of Technology Investing at General Atlantic, remarked, “As interest in chess continues to grow, we believe Chess.com has an opportunity to make this classic game even more accessible to new and existing players around the world. We are thrilled to support Chess.com’s vision to leverage technology to further build the global chess community.”

What’s Next for Chess.com?

With General Atlantic’s backing, Chess.com is poised for a new phase of expansion. This partnership will support:

• International Growth: Expanding Chess.com’s presence in emerging markets with untapped potential.
• Product Development: Innovating new features and enhancing existing ones to maintain its competitive edge.
• Community Building: Strengthening its loyal user base while attracting new players to the game.

Tanzeen Syed, Managing Director at General Atlantic, emphasized the platform’s bright future: “Chess.com is early in its growth story. Looking ahead, we’re excited to help Chess.com drive the continued international expansion of its platform, develop new products and features, and further build its loyal and engaged community of global chess players.”

Investment in Insider

Source: General Atlantic

Insider: Transforming Customer Engagement with AI-Driven Marketing Solutions

Insider, widely known as useinsider.com, is a leading AI-native omnichannel experience and customer engagement platform. The company specializes in helping businesses accelerate digital growth through advanced marketing technologies, enabling seamless, personalized customer experiences across multiple channels.

Founded in 2012 by a visionary team led by Hande Cilingir (CEO), it was built with the mission to unify customer data and deliver personalized experiences at scale. Over the years, it has evolved into a comprehensive platform that integrates tools like marketing automation, predictive analytics, and AI-driven personalization across 12+ digital channels, including WhatsApp, SMS, email, web, and mobile apps.

Today, the company powers marketing and customer engagement for 1,500+ global brands such as Nike, Samsung, L’Oréal, Toyota, and Singapore Airlines. Recognized as a leader in the marketing technology space by Gartner, Forrester, and IDC, Insider has become the go-to platform for enterprises looking to transition from legacy marketing solutions to next-generation technology.

General Atlantic-Led Series E Funding: A Game-Changing Investment

In November 2024, Insider secured a $500 million Series E funding round led by General Atlantic, a global growth equity investor. This follows the company’s $121 million Series D funding in December 2024, which brought its valuation to $1.22 billion, marking its entry into the unicorn club.

The Series E funding positions Insider to accelerate its growth and strengthen its competitive edge in the rapidly evolving MarTech landscape. The investment will primarily focus on:

1. Advancing AI Capabilities: Insider plans to further develop its proprietary AI solutions, including its Sirius AI Co-Pilot, which enables marketing teams to create highly personalized, end-to-end omnichannel experiences.
2. Global Expansion: The company aims to deepen its presence in key markets like the U.S., EMEA, APAC, and Latin America, leveraging General Atlantic’s global network and expertise.
3. Talent Acquisition: Insider intends to scale its workforce, currently spanning 28 countries, to enhance its engineering and customer success teams.
4. Strategic M&A Opportunities: The funding will also support mergers and acquisitions to expand product offerings and capabilities.

The Impact of Funding: Accelerating Innovation and Market Leadership

The General Atlantic-led investment solidifies the company’s position as a disruptive force in the marketing technology industry. By leveraging the new capital, it aims to address critical challenges faced by enterprises:

• Transitioning from traditional marketing clouds to a unified, AI-powered platform.
• Enhancing marketing efficiency and ROI by enabling real-time use of first-party data.
• Delivering seamless, personalized customer journeys across digital touchpoints.

Hande Cilingir, Co-Founder and CEO of Insider, emphasized:
“Our mission is to empower marketing and CX teams to deliver holistic omnichannel experiences. This funding positions us to accelerate innovation and disrupt the MarTech industry further. We are committed to helping brands transition from legacy systems and unlock new growth opportunities.”

Looking Ahead: Shaping the Future of Media Technology through Innovation and Investment

As we stand on the brink of a new era in media technology, several transformative trends are poised to redefine the landscape. The continued digital transformation within the media industry is set to integrate advanced technologies into every facet of content production and distribution. Companies are increasingly leveraging AI-driven content delivery systems to enhance personalization, ensuring that audiences receive tailored experiences that resonate on an individual level. This shift not only boosts engagement but also drives loyalty in an increasingly fragmented market.

Artificial Intelligence is also emerging as a pivotal force in content creation, not as a replacement for human creativity, but as a powerful ally that enhances creative processes. AI-driven tools are enabling content creators to explore new dimensions of storytelling, generating autonomous synthetic personalities that can interact and adapt content in real-time based on audience interactions. This synergy between technology and creativity is fostering innovative content formats and interactive experiences that captivate viewers in unprecedented ways.

In this age, content security remains a critical focus as media companies grapple with rising concerns about piracy and unauthorized distribution. Investments in advanced content security technologies are essential to protect valuable intellectual property and maintain revenue streams. By adopting robust security measures, media companies can safeguard their assets and ensure the integrity of their content across all distribution channels.

Simultaneously, the expansion of mobile gaming, particularly in emerging markets like Latin America and Southeast Asia, is driving the growth of mobile eSports. The accessibility and widespread adoption of mobile devices have democratized gaming, allowing a broader audience to engage with competitive gaming platforms. This surge in mobile eSports is not only creating new revenue streams but also fostering vibrant communities that enhance user engagement and brand loyalty.

In this dynamic environment, strategic investments play a crucial role in fueling innovation and scaling impactful solutions. General Atlantic’s recent investments in platforms like Insider and Chess.com exemplify the firm’s commitment to supporting companies that are at the forefront of digital transformation and technological advancement. By providing capital and strategic guidance, it is enabling these platforms to expand their global reach, enhance their technological capabilities, and drive sustained growth in a rapidly evolving market.