Grailed has closed a Series B funding round of $60 million.
The men’s sneaker and fashion marketplace announced today that the Series B funding round was led by GOAT Group. Grailed revealed other investors, a group that includes Groupe Artémis, the holding company of the Pinault family; Gucci CEO Marco Bizzari; and existing investors Thrive Capital and Index Ventures.
“We wouldn’t be where we are today without our amazing and vibrant community of enthusiastic buyers and sellers,” Grailed CEO Arun Gupta said in a statement. “In GOAT Group, we saw an incredibly like-minded partner who is just as passionate and forward-thinking about the global fashion community as we are. With GOAT’s investment, we are excited to deliver powerful new features across the platform and to double-down on our bold innovations in authentication at an even faster pace.”
With this funding round, Grailed said via statement it will invest in enhancements to its digital authentication process, as well as additional features and tools for its sellers and buyers.
Additionally, Grailed stated Yunah Lee, the COO of GOAT Group, will be appointed to its board of directors.
In June 2018, Grailed announced it closed a Series A funding round of $15 million. The round was led by Index Ventures, with participation from Thrive Capital and Simon Ventures. At the time, the investment brought the company’s total funding to roughly $20 million.
According to Grailed, the platform has almost doubled in size since the Series A funding round, bringing its global user base to more than 7 million people. Also, there are more than 3 million listings from upward of 10,000 luxury labels and streetwear designers.
“We are incredibly excited to lead Grailed’s second funding round and partner with them to advance the experience for our two communities,” GOAT Group co-founder and CEO Eddy Lu said in a statement. “Grailed and GOAT share a common approach, based on authenticity, trust and a highly curated perspective on style, which is core to our brand as we bring the greatest products together from the past, present and future.”