StockX, a Detroit, MI-based provider of an e-commerce platform that connects buyers and sellers of high-demand consumer goods using dynamic pricing mechanics, raised $275m in a Series E funding round that values the company $2.8 billion post-money.
The round was led by Tiger Global Management, with participation from Altimeter Capital, Sands Capital, and Whale Rock Capital Management. They joined Battery Ventures, DST Global, Detroit Venture Partners, Galaxy Interactive, GGV Capital, GV, General Atlantic, and Marcy Venture Partners (co-founded by Shawn “Jay-Z” Carter).
The company intends to use the funds to accelerate global expansion, product innovation and category diversification for the e-commerce marketplace.
Led by CEO Scott Cutler, StockX features hundreds of brands across verticals including Jordan Brand, adidas, Nike, Supreme, BAPE, Off-White, Louis Vuitton, Gucci; collectibles from artists including KAWS and Takashi Murakami; and electronics from industry-leading manufacturers, Sony, Microsoft, Nvidia, and Apple. Its wide-ranging catalog includes more than 115,000 different products. In November, the company opened authentication centers — operations hubs at which all products bought and sold on StockX are verified using a proprietary process — in Hong Kong and Toronto, furthering its ability to better serve buyers and sellers globally. The two international sites along with the recent addition of an authentication center in Portland, Oregon, grew the company’s global network by 50%.
In the third quarter, StockX achieved break-even and also surpassed $3 billion in lifetime gross merchandise value (GMV).
Founded in 2016, the company employs more than 1,000 people in 13 offices and authentication centers around the world, and facilitates sales in more than 200 countries and territories.