StockX, Sneakers Online Marketplace Raises $110 Million In Series C Financing

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StockX

Online marketplace StockX, the limited edition, and high demand sneakers company has announced a $110 million in Series C financing co-led by DST Global, General Atlantic and GGV Capital.

Prior to this round, StockX bagged a $44 million in Series B funding in September last year led by Battery Ventures and GV. The other backers of the firm include the likes of Marc Benioff, Shana Fisher, Courtside Ventures, Jonathon Triest, Detroit Ventures and others. The current round takes the total amount raised by the billion-dollar valued firm now stands at around $160 million.

Launched in 2015 by Dan Gilbert and Josh Luber as a platform which allows buyers and sellers to offer customized options in the sneakers market. The company employs more than 800 members in their multiple offices. The freshly raised funds will help the firm work on its global business expansion and adding more products on the platform. The platform offers products and new releases like stock market trading. Apart from sneakers, the company offers streetwear, watches, handbags, and collectibles as well.

Hans Tung, the GGV managing partner who is set to join the board of StockX, commenting on the deal said, GGV Capital has long seen the value of investing in e-commerce disruptors and StockX is no exception. It is more than a marketplace; the platform's unique model is truly changing the way consumers engage in the purchasing process and has global growth potential.”

Interestingly, the company is bringing in new CEO in the form of former eBay SVP Scott Culter. Culter talking off the firm said, "I have known the company and the management team since the beginning and have been impressed by its unique market model in e-commerce and dramatic growth. StockX is revolutionizing e-commerce. That is why the company is one of the fastest growing technology companies in the world with a rapidly expanding global user base comprised of passionate enthusiasts; it is what sets StockX apart and why I welcome the opportunity to lead the team as we look to what's next -- extending the reach of the platform and broadening its offering to provide more users with access to an authentic, transparent, anonymous marketplace."

 

Image Courtesy : detroitfreepress

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