StockX has just announced a Series E funding round that has raised $275 million, valuing the resale platform at an astounding $2.8 billion. The total funds raised now amount to $490 million.
The latest funding round was led by Tiger Global and included new participation from Altimeter Capital, Sands Capital, and Whale Rock Capital Management. The investors have previously invested in brands including Amazon, Netflix, Salesforce, Shopify, Spotify, and Uber.
According to StockX, the platform has experienced rapid growth during 2020. As of the end of Q3, there have been more than 13 million items bought and sold on StockX. StockX also averaged 25 million global monthly visitors per month in Q3 2020.
“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,” said StockX CEO Scott Cutler. “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.”
StockX has aggressively pursued international expansion, opening authentification centers in Canada and Hong Kong, as well as an additional stateside center in Portland, Oregon. In addition, the platform continues to add new product categories, most recently allowing users to sell and buy the PlayStation 5 and Xbox Series X.
While there are other competitors in the resell market, such as Grailed, Presented By, and GOAT, StockX has carved out a sizable chunk of the market for itself, as this latest investment shows.