Goat, a Los Angeles, CA-based mobile sneaker marketplace, raised $5M in funding.
The round, which has raised a total of $12.6m, was led by Matrix Partners with participation from existing investors Upfront Ventures and Webb Investment Network. In conjunction with the funding, Josh Hannah, General Partner at Matrix Partners, will be joining Goat’s board of directors.
The company intends to use the funds to expand its engineering, product and marketing teams to offer new features and take the business global.
Founded in 2015 and led by Eddy Lu, co-founder and CEO, Goat provides an app to buy and sell sneakers through mobile device featuring an authentication and customer service, buyer protection guarantee and service. Since launching its iOS and Android apps in July 2015, over half a million members have joined the service. The app is available on the App Store and Google Play for free.
Other investors include Andreessen Horowitz, First Round Capital, New Enterprise Associates, SV Angel and Y Combinator.
The company vets all sellers and requires them to ship their sneakers to Goat’s warehouse once they sell, so they can be verified authentic and as described by trained specialists.