In June of 2019, StockX’s valuation had ascended to an approximate $1 billion USD through investments from various growth equity, investment, and venture capital firms. As of today, December 17, 2020, StockX has announced their new mega-valuation of $2.8 Billion USD following their recent $275 Million SERIES-E funding. Led by Tiger Global Management, LLC along with three other firms, its clear that these venture capitalists, who have previously invested in Amazon, Netflix, and other e-commerce platforms, believe in the Michigan-based firm’s ability to generate profits.
Describing themselves as the world’s first stock market of things, StockX’s rapid rise has expanded the company’s operations to the global level. First seen in the United States, the company has expanded to countries within the EU and Asian countries like Japan.
The announcement of their latest SERIES-E funding has given the firm over $490 million USD in total investment capital. Thus far, it seems the company plans to use the additional cash to increase its global reach and product development, but the recent financing also is rumored to be in preparation for a 2021 IPO.
With the massive growth surrounding sneakers, streetwear items, collectibles, and playing cards, the e-commerce company will likely further its valuation in the next several years. It’s likely that young investors will be very bullish on the firm as the company continues establishing and maintaining a strong fashion presence.
Below is a statement from StockX CEO Scott Cutler describing the recent valuation.
“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,” StockX CEO Scott Cutler wrote in a statement. “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.”
Scott Cutler Statement
