After raising $110 million in a Series C funding round, StockX has officially reached unicorn status.
The online sneaker marketplace announced this morning the investment from DST Global, General Atlantic and GGV Capital, marking the largest venture capital funding round in Michigan history, according to the company. The move pushed StockX’s value to upwards of $1 billion.
The Detroit-based firm plans to put the new investment toward its international expansion, with a focus on its European and Asian markets. Its customer base spans nearly 200 countries, averaging more than 15 million unique visitors each month.
Additionally, the funding will allow the brand to diversify its product categories and broaden its offline reach with brick-and-mortar stores across the globe, the company said.
“The platform’s unique model is truly changing the way consumers engage in the purchasing process and has global growth potential,” said Hans Tung, managing partner at GGV Capital. “StockX has already seen incredible growth internationally, but what we are most excited about is the opportunity to continue to scale the company globally and provide unprecedented access to consumer goods for users across the world.”
StockX also announced that CEO Josh Luber would step down from his post. (The executive co-founded the resale startup in February 2016 with COO Greg Schwartz and Cleveland Cavaliers chairman Dan Gilbert.) He is replaced by eBay’s SVP of the Americas, Scott Cutler, effective immediately.
“StockX is revolutionizing e-commerce,” Cutler said. “That is why the company is one of the fastest growing technology companies in the world with a rapidly expanding global user base comprised of passionate enthusiasts. It is what sets StockX apart and why I welcome the opportunity to lead the team as we look to what’s next.”
Luber will continue to serve on the firm’s executive leadership team as well as the board of directors, which Cutler and Tung will also join as part of the deal.
In just three years, StockX has grown to more than 800 full- and part-time staff members, raising funding from several high-profile investors including DJ Steve Aoki, model Karlie Kloss and rapper Eminem. The company conducts millions of dollars in daily transactions and moves product across four authentication centers in the United States and Europe, with a soon-to-come outpost outside of Amsterdam.
Watch FN’s tips on how to clean your sneakers.
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