StockX, the eCommerce marketplace for products such as sneakers and streetwear, has wrapped up financing that left the company with a $3.8 billion valuation, according to a Thursday (April 8) press release. The company concluded a $195 million secondary tender offering in addition to a further $60 million in Series E-1 primary shares.
“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,” StockX CEO Scott Cutler said in the release.
StockX closed over 7.5 million trades and reached $1.8 billion in cross-merchandise value (GMV) for the year that concluded Dec. 31, 2020. Moreover, StockX reached break-even in the latter half of 2020 and served over 200 million visitors throughout 200 nations and territories. The company, which was established in 2016, has more than 1,000 employees in 13 offices and authentication centers globally.
“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,” Cutler said in the release.
StockX describes itself as a Michigan-based “technology leader focused on the large and growing online market for sneakers, apparel, electronics, accessories and collectibles.” The company links purchasers and vendors of consumer goods around the world via “dynamic pricing mechanics,” according to the press release. Its platform showcases hundreds of names such as Gucci, Louis Vuitton, Supreme, Nike and Adidas, in addition to collectibles from artists like Takashi Murakami and KAWS.
The news comes as StockX notched $275 million in a Series E funding round, headed up by Tiger Global Management with participation from Whale Rock Capital Management, Sands Capital and Altimeter Capital.
Selected by EFXA