The online marketplace, which bills itself as the stock market of things, said the funds will be used to accelerate global expansion, product innovation and category diversification. StockX processes sales in more than 200 countries and territories. Non-U.S. trades rose 260 percent in the third quarter of 2020, when compared with the comparable 2019 period. In November, StockX opened authentication centers in Hong Kong and Toronto to verify the product authenticity for goods sold on the platform using a proprietary process. It also recently opened an authentication center in Portland, Ore.
Originally just a platform for sneakers, the company now resells apparel, accessories, collectibles and electronics, its newest category.
StockX reported a break-even third quarter, surpassing $3 billion in lifetime gross merchandise value. This year, StockX’s year-over-year revenue growth accelerated, reaching over 75 percent in the third quarter on over $100 million in quarterly revenue on a GAAP basis. The end of the quarter saw the company pass 13 million in lifetime trades, the metric used for transactions between buyers and sellers, with 50 percent made in the prior 12 months. The quarter also saw an average of 25 million global visitors per month.
“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.”
“The power of the online marketplace is growing rapidly—along with our reliance on digital experiences,”Griffin Schroeder, a partner at Tiger Global, said. “The StockX team has demonstrated the ability to build a trusted and customer-centric experience for people buying and selling online, and we are excited to partner with them as they continue to innovate a tech-forward model to deliver much-needed authenticity and price transparency in this market.”
Tiger Global led the Series E, which includes new participation from Altimeter Capital, Sands Capital and Whale Rock Capital Management. In addition to representing the largest venture capital funding round in Michigan history, the Series E also brings the total funding raised to $490 million. The new investors have experience in leading platforms that include Netflix, Salesforce, Shopify, Spotify and Uber. The investors join existing investors that include Battery Ventures, Detroit Venture Partners, GGV Capital, General Atlantic and others.