StockX, a US-based online consumer goods marketplace backed by internet and technology group Alphabet, secured $275m yesterday in a series E round led by hedge fund manager Tiger Global Management.
The round also featured Altimeter Capital, Sands Capital and Whale Rock Capital Management, and the funding was raised at a $2.8bn post-money valuation.
Founded in 2016, StockX operates an online platform where users can buy and sell consumer goods such as clothing, handbags, electronics and collectible items.
StockX has facilitated more than 13 million transactions on the platform since launch, half of which were made in the past 12 months. It recently opened new operation hubs in Hong Kong, Canada, Portland and Oregon, through which it verifies the products bought and sold on the platform.
The funding will be used to accelerate StockX’s global expansion plans, further its product development and diversify the category of products featured on the platform.
The company’s $110m series C round closed in June 2019 with participation from Alphabet unit GV, Battery Ventures, DST Global, General Atlantic and GGV Capital.
GV and Battery Ventures co-led StockX’s $44m series B round in September 2018. It included venture capital firms Detroit Venture Partners and Courtside Ventures as well as a range of private investors.
In 2017, StockX completed a $6m series A round backed by SV Angel, Detroit Venture Partners and angel investors including Mark Wahlberg, Scooter Braun, Eminem and Wale.
StockX CEO Scott Cutler said: “The quality of investors joining us is a clear signal that the market recognises that there is incredible opportunity in e-commerce for current culture products and StockX is best positioned to meet consumer demand for those products.”