StockX, an online marketplace to buy and sell limited edition and high demand sneakers, announced it has raised $275 million in a Series E funding round led by Tiger Global Management, with participation from Altimeter Capital, Sands Capital, and Whale Rock Capital Management. Post funding, the company is valued at $2.8 billion.
The new investment will be used to accelerate global expansion, product innovation and category diversification for the e-commerce marketplace. Till now, the startup raised a total of $490 million in funding.
According to the statement, the new investors bring to the table deep experience in the technology, consumer and e-commerce sectors, having invested in leading platforms 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.
“The quality of investors joining us is a clear signal that the market recognizes that there is incredible opportunity in e-commerce for current culture products and StockX is best positioned to meet consumer demand for those products,” said StockX CEO Scott Cutler. “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.”
“The power of the online marketplace is growing rapidly — along with our reliance on digital experiences,” said Griffin Schroeder, Partner, Tiger Global. “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.”
In less than five years, StockX has become one of the fastest-growing online marketplaces in the world, processing sales in more than 200 countries and territories, the company added.
In November, the company opened authentication centers — operations hubs at which all products bought and sold on StockX are verified using a proprietary process — in Hong Kong and Toronto, furthering its ability to better serve buyers and sellers globally. The two international sites along with the recent addition of an authentication center in Portland, Oregon, grew the company’s global network by 50%.
Founded in 2016, StockX is a Detroit-based technology leader focused on the large and growing online market for sneakers, apparel, electronics, accessories, and collectibles. It employs more than 1,000 people in 13 offices and authentication centers around the world, and facilitates sales in more than 200 countries and territories.
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