StockX, the global resale platform for sneakers, streetwear and collectables, has closed a 275 million US dollar Series E funding round that brings its total capital raised to 490 million US dollars.
The latest funding round, led by Tiger Global, now values StockX at 2.8 billion US dollars at a post-money valuation. In a statement, the fast-growing e-commerce marketplace said that it would use the investment to accelerate global expansion, product innovation and category diversification.
Tiger Global Management led the round, with participation from Altimeter Capital, Sands Capital, and Whale Rock Capital Management. The new investors bring to the table “deep experience in the technology, consumer and e-commerce sectors,” added StockX as they have previously invested in leading brands including Amazon, Netflix, Salesforce, Shopify, Spotify and Uber.
They join the likes of Battery Ventures, DST Global, Detroit Venture Partners, Galaxy Interactive, GGV Capital, GV, General Atlantic, and Marcy Venture Partners, co-founded by Shawn ‘Jay-Z’ Carter, as investors in the e-commerce platform.
StockX chief executive, Scott Cutler, said in a statement: “The quality of investors joining us is a clear signal that the market recognises that there is an incredible opportunity in e-commerce for current culture products and StockX is best positioned to meet consumer demand for those products.
“I’m thrilled to welcome our new partners to the team - their collective expertise will be invaluable as we continue to build on the momentum from the last year, and drive the growth to cement StockX’s position as the global marketplace leader.”
StockX valued at nearly 3 billion US dollars after Series E funding round
StockX has logged record-breaking growth in 2020. As of the end of Q3, the company surpassed 13 million lifetime trades, StockX’s metric of transactions between buyers and sellers, 50 percent of which were in the prior 12 months. Additionally, during Q3, StockX saw an average of 25 million global visitors per month.
During 2020, StockX’s year-over-year revenue growth has accelerated, reaching over 75 percent in Q3 on over 100 million US dollars in quarterly GAAP revenue.
StockX also has a growing international footprint, in less than five years it has become one of the fastest-growing online marketplaces in the world, processing sales in more than 200 countries and territories. Non-US trades increase 260 percent in Q3 2020 compared to Q3 2019.
In November, the company also opened authentication centres, operations hubs at which all products bought and sold on StockX are verified using a proprietary process, in Hong Kong and Toronto, to better serve buyers and sellers globally. The two international sites along with the recent addition of an authentication centre in Portland, Oregon, helped grow the company’s global network by 50 percent.
Key growth areas for StockX includes the Asian-Pacific market as well as Europe. Its last quarterly review showed that these two territories have been driving demand.
The platform also said that it is planning accelerates category expansion. Currently, StockX features sneakers, apparel, accessories, collectables, and recently added electronics, a category that has quickly become the second largest on the platform.
Throughout Cyber weekend, more than one gaming console was traded every minute on StockX, with both the Xbox Series X and the PlayStation 5 ranking on its list of top 10 best-selling products.
Griffin Schroeder, partner at Tiger Global, added: “The power of the online marketplace is growing rapidly — along with our reliance on digital experiences. The StockX team has demonstrated the ability to build a trusted and customer-centric experience for people buying and selling online, and we are excited to partner with them as they continue to innovate a tech-forward model to deliver much-needed authenticity and price transparency in this market.”
Image: courtesy of StockX