StockX, a Detroit-based online marketplace for sneakers, apparel, electronics, accessories, and collectibles, announced today the conclusion of a $195 million secondary tender offering and an additional $60 million in Series E-1 primary shares.
At $3.8 billion in valuation, this marks a 35 percent increase in valuation from company’s last funding round, which closed in December 2020.
In five years, StockX has become a leading marketplace to trade these types of goods online, serving more than 200 million visitors across 200 countries and territories in 2020. The platform housed more than 7.5 million trades and hit $1.8 billion in gross merchandise value in 2020, which resulted in generally accepted accounting principles (GAAP) revenue of more than $400 million.
StockX CEO Scott Cutler says the company is “just scratching the surface” of the heights it can reach.
“This news signals the broad recognition and excitement for the long-term value of StockX’s business as well as a growing appreciation for marketplace experiences,” Cutler says. “Fundamental shifts in both consumer buying and investing behavior provide an immense growth opportunity for StockX, which has long lived at the intersection of consumer goods and tradable assets.”
Altimeter Capital led the all-cash offer, with participation from existing investors and new institutional investor Dragoneer. Brad Gerstner, founder and CEO of Altimeter Capital, says StockX has built a brand around trust, making it a go-to destination.
“Altimeter is excited to partner for the long haul as StockX becomes one of the most important e-commerce destinations in the world,” says Gerstner.
StockX has found success because it operates at the intersection of authentic products and price transparency, says Jared Middleman, a partner at Dragoneer. He says the company has become “one of the most important online marketplaces for Generation Z and millennial consumers.”
The company’s platform connects buyers and sellers of high-demand consumer goods from around the world using dynamic pricing mechanics. This brings access and market visibility powered by real-time data that empowers buyers and sellers to determine and transact based on fair market value.
Brands on the platform include Jordan Brand, adidas, Nike, Louis Vuitton, and Gucci, as well as collectibles and electronics.
StockX was founded in 2016 and employs more than 1,000 people in 13 offices and authentication centers around the world.