StockX Raises $110 Million At A $1 Billion+ Valuation
|StockX co-founder and outgoing CEO Josh Luber. Luber will be replaced as CEO by ex-Stubhub president Scott Cutler but will continue to serve on the company’s executive team and board.
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Detroit-based sneakers and other fashion marketplace StockX has raised $110 million in Series C funding that values it at over $1 billion. VC firms DST Global, GGV Capital, General Atlantic, GV and Battery Ventures were investors in this round. Along with this funding, StockX has announced a new CEO by name of Scott Cutler, a longtime tech executive who previously served as president of ticket marketplace StubHub and most recently as a senior vice president at eBay.
StockX’s outgoing CEO and co-founder Josh Luber will continue to serve on the company’s executive team and board of directors. Also as part of this investment, GGV managing partner Hans Tung is joining StockX’s board of directors. StockX plans to funnel the new capital towards international growth, with a focus on Europe and the Asian markets. The company says the funding will also allow it diversify its products categories and extend its brick-and-mortar presence.
|StockX co-founder and Quicken Loans chairman Dan Gilbert. Quicken Loans [owned by Dan Gilbert] is one of the biggest mortgage lenders in the U.S.
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StockX’s team has grown from just four co-founders in 2016 to more than 800 currently. The company says it has surpassed a $1 billion annual gross merchandise volume (GMV) run rate, a significant feat for a three year old company.
This funding comes not too long after another StockX-competing sneaker marketplace, Goat, raised $100 million in funding — from sportswear retailer Foot Locker — at a $550 million valuation.