GOAT Group has closed a Series E funding round of $100 million.
The online sneaker marketplace announced today that it had received the investment from New York-based D1 Capital Partners. According to the company, the funds will be used to further its expansion in new fashion and footwear departments, as well as work with more brands to sell their products on their platforms. (Its website currently features upwards of 350 brands across sneakers, apparel and accessories.)
“Our mission is to bring the world’s greatest products together from the past, present and future, while providing a premier end-to-end customer experience with a point of view on culture and style,” co-founder and CEO Eddy Lu said in a statement. “We will utilize this new round of funding to capture the significant market opportunities in sneakers, apparel and additional categories through technological innovation and by building even greater scale across our verticals.”
So far, GOAT has raised nearly $300 million from venture capital firms and strategic investors Accel, Index and Upfront Ventures. Included in those investments is $100 million from Foot Locker, whose SVP of strategy and store development, Scott Martin, also joined GOAT’s board of directors as part of the move last February.
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“We witnessed the impressive success that catapulted GOAT to become a top player in the sneaker space and were drawn to their disciplined operational approach and differentiated value proposition,” added Dan Sundheim, founder of D1 Capital Partners. “As GOAT continues to grow its core business and expand into new categories, it is rapidly emerging as one of the best positioned next generation global e-commerce platforms. We have confidence in GOAT’s exceptional leadership team to execute on their clear and bold vision.”
GOAT Group, which was founded in 2015, now has 13 brick-and-mortar locations across the United States, as well as Asia and Europe, plus distribution and authentication centers that ship items to 170 international markets. It boasts 30 million members and hundreds of thousands of sellers, in addition to its brand and boutique partners.
Last year in July, the company announced its expansion overseas through the launch of its app in China, which is its largest international market. Users in China now have access to a localized GOAT app that features a new WeChat Mini Program tailored to the country’s consumer ecosystem. (The retailer also established an operations team based in Shanghai.)