Today is a big day for Josh Luber and StockX, the self-proclaimed "stock market of things." Thanks to $110 million in funding from investment firms DST Global, General Atlantic, and GGV Capital, StockX is now valued at over $1 billion, surpassing a $1 billion annual GMV run rate in less than three years.
According to a press release from the company, StockX plans to use the new investment to expand its international reach, specifically in Europe and the Asian markets. It also hopes to diversify its product categories as well as open brick-and-mortar locations in key international markets. StockX says it will continue to collaborate with the world's leading brands to release exclusive products on the platform. There are currently millions of active StockX users in nearly 200 countries.
In addition to new funding and the $1 billion-plus valuation, StockX announces that Scott Cutler will succeed co-founder Josh Luber as CEO, as Luber will continue to serve on the executive leadership team and board of directors. Cutler was previously senior vice president, Americas at eBay, after serving as president of StubHub, the world’s largest ticket marketplace, from 2015 to 2017.
"His extraordinary background mirrors the unique business model we have built at StockX. He understood the power of a ‘stock market of things’ and quickly became a friend and trusted advisor," Luber says of Cutler. "Over the three years that followed, as the business scaled rapidly, Greg [Schwartz, StockX co-founder and COO] and I had the idea that Scott might one day be the perfect CEO to take us to the next level. Then the stars aligned -- the growth continued, we added three world-class investors to our team, and Scott became available. We weren't looking for a new CEO, but this was a no-brainer."
StockX was co-founded in February of 2016 by Luber, StockX COO Greg Schwartz, and Dan Gilbert, founder and chairman of Quicken Loans and chairman of the Cleveland Cavaliers. Following its entry as a sneaker stock market, the company expanded into streetwear, watches, handbags, and most recently, collectibles.
