Led by Tiger Global Management, LLC with new participation from Altimeter Capital, Sands Capital, and Whale Rock Capital Management, the raise marks the largest VC funding round in Michigan history and brings the total funds raised to $490 million. 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.”
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% of which were in the prior 12 months. Additionally during Q3, StockX saw an average of 25 million global visitors per month.
“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.”
Growing International Footprint
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. Thanks to the liquidity and diversity of its global marketplace, StockX saw non-US sell-side trades increase 260% in Q3 2020 compared to Q3 2019. 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%.
Accelerated Category Expansion
StockX features sneakers, apparel, accessories, collectibles, 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. The company’s recent category expansion efforts have made for a wide-ranging catalog — which includes more than 115,000 different products — and helped the platform attract a record number of first-time customers in 2020.
About StockX
StockX is proud to be a Detroit-based technology leader focused on the large and growing online market for sneakers, apparel, electronics, accessories, and collectibles. StockX’s powerful platform connects buyers and sellers of high-demand consumer goods from around the world using dynamic pricing mechanics. This approach brings unparalleled access and transparency powered by real-time data that empowers buyers and sellers to determine and transact based on fair market value. The StockX platform features hundreds of brands across verticals including Jordan Brand, adidas, Nike, Supreme, BAPE, Off-White, Louis Vuitton, Gucci; collectibles from artists including KAWS and Takashi Murakami; and electronics from industry-leading manufacturers, Sony, Microsoft, Nvidia, and Apple. Founded in 2016, the company 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. Learn more at www.stockx.com.
SOURCE StockX
