The Detroit-based “stock market of things” announced this morning that it has closed $44 million in Series B funding. The effort is led by investment firms GV (formerly Google Ventures) and Battery Ventures, which back tech-focused companies.
StockX, which was established in 2016, said the investment would help it “expand its reach internationally and significantly increase its worldwide user access to the transparent, authentic, anonymous and liquid marketplace.” Also, the company said it plans to use the funding to add and grow authentication centers and broaden its product category range.
“Adding leading Silicon Valley venture capitalists GV and Battery to the investor group will not only provide the additional capital to take us through our next growth phase but also bring the invaluable experience and knowledge of firms who have invested in so many household name tech-based success stories of the past decade or more,” Josh Luber, CEO of StockX, said in a statement.
StockX said it is averaging more than $2 million dollars in daily transaction value. The company is moving thousands of products through its authentication centers and is continuing to add to its staff of 400 employees.
“There is a huge opportunity for StockX to continue to diversify and scale its products with the efficiency and transparency that have become hallmarks of the company’s marketplace,” Joe Kraus, general partner at GV, said in a statement. “Between StockX’s rapid development and the founding team’s ability to create a high-growth enterprise, the company is well-positioned to meaningfully impact the market for sought-after consumer products. We’re excited about investing in Detroit, Michigan, which is emerging as an important hub for financial technology and innovation.”
Aside from GV, Battery Ventures and celebrity investments, others involved in the latest round include Salesforce founder chairman and co-CEO Marc Benioff; Bob Mylod, founder and managing partner of Annox Capital; Shana Fisher, managing partner at Third Kind Venture Capital; and Jonathon Triest, managing partner of Ludlow Ventures.
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