As the sneaker resell business continues to boom, secondary marketplaces such as StockX are thriving.
StockX — the self-described “stock market of things” — announced Wednesday that it had closed a $6-million round of funding that includes investments from rapper Eminem, manager Paul Rosenberg and actor Mark Wahlberg.
Additional funding came from manager-to-the-stars Scooter Braun, businessman Ted Leonsis, America Online co-founder Steve Case and CEO Tim Armstrong, footwear designer Jon Buscemi, rapper Wale, NFL cornerback Joe Haden, radio personality DJ Skee and Silicon Valley investor Ron Conway.
“Working at the dawn of the internet, we could only dream of the transformative changes that would come, but come they did: the browser, search, e-commerce, social networking, etc. This is the power we knew the internet could deliver. This is why I’m investing in StockX. A ‘stock market of things’ has the power to transform both commerce and finance, and we will help however we can” said Leonsis, majority owner of the Washington Capitals, Washington Mystics and Washing Wizards.
StockX, which launched nearly a year ago to the day, functions as a live marketplace that allows users to buy and sell sneakers safely through its authentication process. It also boasts a stock market-esque ticker with real-time updates on price fluctuations.