GOAT Group closed a Series F funding round Thursday of $195 million. With the round, the company’s valuation has climbed to $3.7 billion, which is more than double its $1.8 billion valuation following its Series E round in September 2020.
Leading the financing was Park West Asset Management; funds and accounts advised by T. Rowe Price Associates Inc., Franklin Templeton, Adage Capital Management and Ulysses Management.
“We are delighted to be investing in GOAT. We are excited by its distinct value proposition to customers,” Park West Asset Management portfolio manager Tyras Bookman said in a statement. “GOAT’s combination of premier e-commerce and brick-and-mortar assets, which include the iconic GOAT and Flight Club brands, enable it to engage its global community in unique ways and capture huge market opportunities across multiple lifestyle categories, while remaining authentic and true to its values.”
The funds, according to GOAT, will help the company further invest in growth in its sneaker business, as well as its apparel and accessories verticals. Also, it will be used to increase its global footprint of 13 facilities with the addition of Chicago, China, Japan and Singapore, and will help fuel investments in technology and brand to boost the experience for its 30 million members and 600,000 sellers.
In a statement, GOAT said it has achieved gross merchandise value of $2 billion in the last 12 months, and a year-over-year GMV increase in sneakers of more than 100% and a 500% increase in apparel.
“GOAT’s growth is accelerating across every channel and category due to the powerful global technology platform we have developed and the premier customer experience we deliver, which resonates with younger consumers around the world,” GOAT Group co-founder and CEO Eddy Lu said in a statement. “GOAT is creating a leading, highly differentiated luxury and lifestyle brand that is uniquely positioned at the intersection of the primary and resale markets, enabling us to increase our share of a large and expanding total addressable market in our core sneakers business and newer verticals.”