StockX has some more capital available to bolster its business.
The “stock market of things” announced this morning that it raised $275 million in a Series E funding round. The round was led by Tiger Global Management LLC and also included Altimeter Capital, Sands Capital and Whale Rock Capital Management. This round — which the Detroit-based company stated was the largest VC funding round in Michigan history — brought the total funds raised to $490 million. StockX said it is now valued at $2.8 billion.
“The power of the online marketplace is growing rapidly — along with our reliance on digital experiences,” Tiger Global partner Griffin Schroeder said in a statement. “The StockX team has demonstrated the ability to build a trusted and customer-centric experience for people buying and selling online, and we are excited to partner with them as they continue to innovate a tech-forward model to deliver much-needed authenticity and price transparency in this market.”
StockX said the latest investment will go toward several areas of the business, including product innovation, category diversification and accelerating its global expansion.
The company, which has tapped into the momentum of an explosive resale market, said it has processed sales in more than 200 countries and territories in less than five years, and that its non-U.S. sell-side trades increased 260% in Q3 2020 compared to the same period the year prior. Also, the company noted the opening of its authentication centers in Hong Kong and Toronto in November.
“The quality of investors joining us is a clear signal that the market recognizes that there is incredible opportunity in e-commerce for current culture products and StockX is best positioned to meet consumer demand for those products,” StockX CEO Scott Cutler said in a statement. “I’m thrilled to welcome our new partners to the team — their collective expertise will be invaluable as we continue to build on the momentum from the last year, and drive the growth to cement StockX’s position as the global marketplace leader.”
At the end of Q3, StockX said it had eclipsed 13 million lifetime trades — 50% of which were in the prior 12 months — and saw an average of 25 million global visitors per month. Also in the third quarter, StockX surpassed $3 billion in lifetime gross merchandise value.