StockX, a Detroit, MI-based stock market for high-demand consumer goods, closed a $44m Series B funding round.
The round was co-led by GV (formerly Google Ventures) and Battery Ventures with participation from
– Steve Aoki
– Karlie Kloss
– Don C
– Marc Benioff
– Bob Mylod, founder and managing partner of Annox Capital
– Shana Fisher, managing partner at Third Kind Venture Capital, and
– Jonathon Triest, managing partner of Ludlow Ventures
– Detroit Venture Partners
– Courtside Ventures
– Mark Wahlberg
– Ted Leonsis
– Tim Armstrong
– Scooter Braun, and
– Ron Conway of SV Angel.
The company intends to use the funds to expand its reach internationally, add and grow its authentication centers, as well as broaden its range of product categories.
Co-founded in 2016 by Josh Luber, CEO, Greg Schwartz, COO, and Dan Gilbert, founder and chairman of Quicken Loans, StockX is a “Stock Market of Things”, which enables the buying and selling of consumer products, including sneakers, watches, handbags and streetwear.
The company connects buyers and sellers by the same methods as the world’s stock markets, by creating a liquid marketplace with anonymity and standardization to provide real-time market pricing and complete transparency. All products are physically inspected and authenticated by StockX.
The StockX platform also supplies market analysis, individual portfolio tracking, historical sales and volume metrics.
The company has added three additional verticals to its flagship sneaker marketplace to include — streetwear, watches, and handbags. It currently features a wide range of brands across verticals including Jordan Brand, adidas, and Nike; Supreme, BAPE, Palace, and Kith in the streetwear category; handbag leaders Louis Vuitton, Goyard, Gucci, and Chanel; and Rolex, Audemars Piguet, and Omega among other timepiece brands.
Currently, the StockX platform is averaging over $2 million dollars in daily transaction value, moving thousands of products through its primary authentication center in Detroit, as well as two satellite centers closer to the east and west coasts.
The team has grown to more than 400 team members.