In Trends

StockX’s latest funding rounds values it at $3.8 billion

StockX

Sneaker resale platform StockX announced the conclusion of a US$195 million secondary tender offering, as well as inking an additional $60 million in Series E-1 primary shares, putting the Detroit-based company’s valuation at $3.8 billion.

SEE ALSO : Xingsheng Youxuan raises US$2 billion in funds

Altimeter Capital led the all-cash offer, with participation from existing investors and new institutional investor, Dragoneer, StockX said in a press release.

“This news signals the broad recognition and excitement for the long-term value of StockX’s business as well as a growing appreciation for marketplace experiences,” said StockX CEO, Scott Cutler.

“Fundamental shifts in both consumer buying and investing behavior provide an immense growth opportunity for StockX, which has long lived at the intersection of consumer goods and tradable assets. We are just scratching the surface of what StockX can deliver for the millions of global buyers and sellers who count on the platform for a wide range of authentic current culture products,” continued Cutler.

This latest cash injection represents a 35% increase over the company’s prior $2.8 billion valuation, following a $275 million Series E funding round, which closed in December, 2020.

Founded by Dan Gilbert, Josh Luber and Greg Schwartz in 2016, StockX features hundreds of brands including Jordan Brand, Adidas, Nike, Supreme, BAPE, Off-White, Louis Vuitton, Gucci, Rolex, selling footwear, namely sneakers, as well as streetwear, accessories and apparel. It also retails collectibles from artists including KAWS
and Takashi Murakami.

The U.S. company employs nearly 800 people in more than 10 offices and authentication centres around the world and facilitates sales in 197 countries and territories.

SEE ALSO : L Catterton sells Dondup to Made in Italy Fund

For the year ended 31st December, 2020 the company closed more than 7.5 million trades and hit $1.8 billion in gross merchandise value (GMV), which resulted in GAAP revenue of over $400 million.

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