StockX, the online resale platform based in Detroit, has reached a significant milestone in its latest funding round, resulting in the company’s valuation soaring to $3.8 billion. The funding round, led by tech-focused investment fund Altimeter Capital, included a $195 million secondary tender offering and $60 million in Series E-1 primary shares. Both previous StockX investors and newcomer Dragoneer Investment Group also participated in the round.
This latest valuation marks a remarkable increase of 35% since December last year, when StockX received a $275 million injection of capital. CEO Scott Cutler expressed his excitement about the recognition and growth opportunities that lie ahead for StockX, given the changing consumer buying and investing behavior.
With the infusion of new funds, StockX plans to focus on global expansion and category diversification, while continuing to strengthen its core business. Although originally founded as a sneaker resale platform in 2015, StockX has since expanded its offerings to include various categories such as streetwear, handbags, watches, collectibles, and electronics. Furthermore, the company has established product certification facilities on every continent, highlighting its commitment to international growth.
StockX has made international expansion a top priority and aims to strike a balance between domestic and international operations. The company has already launched localized versions of its website in French, Italian, German, Chinese, and Japanese, with plans to unveil experiences in three additional European languages this year.
The Covid-19 pandemic has fueled the growth of online resale platforms and sales of athleisure, leading to StockX capitalizing on these trends. In 2020 alone, the company achieved impressive results, generating over $400 million in revenue, closing more than 7.5 million trades, and achieving $1.8 billion in annual gross merchandise value.
Furthermore, reports have emerged suggesting that StockX plans to go public in the second half of 2021. While the company has yet to confirm these reports, its recent successes indicate that StockX is well-positioned for continued growth and recognition in the months to come. As it continues to redefine the buying and selling experience for consumers, StockX is poised to make waves in the industry.
Useful Links:
1. StockX Official Website
2. Statistics on the Online Second-Hand Clothing Market
