StockX, the US-based operator of a stock exchange for consumer goods, closed a $110m series C round yesterday backed by GV, a corporate venturing subsidiary of internet and technology conglomerate Alphabet.
Battery Ventures, DST Global, General Atlantic and GGV Capital also took part in the round, which valued StockX at more than $1bn.
Founded in 2016, StockX operates a marketplace for collectible fashion goods spanning four categories – sneakers, watches, handbags and clothing – that calculates real-time pricing for items and enables users to hold live bids and set requested prices.
StockX authenticates all items listed on the platform. Users can manage entire portfolios of goods, track historical sales and market prices, and tap into market analysis.
The series C funding will go towards continued international growth, with a focus on Europe and Asia. The company will also increase the number of product categories on its platform and intends to open brick-and-mortar locations in several markets.
The round was announced in tandem with StockX’s hiring of Scott Cutler, former senior vice-president for the Americas at online auction platform eBay, as its chief executive. Hans Tung, managing partner at GGV Capital, is also joining its board of directors.
StockX secured $44m in a series B round co-led by GV and Battery and backed by Detroit Venture Partners, Courtside Ventures and assorted angel investors Ventures in September 2018. Detroit Venture Partners had joiined SV Angel and several angel investors in a $6m series A the year before.
Featured image courtesy of StockX.
