After a year of record-high revenue, sneaker and clothing reseller StockX completed a new round of funding, boosting its valuation by 35%.
The company, founded in 2015, is now worth $3.8 billion after closing a $195 million secondary tender offering, along with $60 million in Series E-1 primary shares. StockX was last valued at $2.8 billion in December.
The all-cash offer included new investor Dragoneer Investment Group, with Altimeter Capital leading a group of current investors. Both firms previously led a $520 million round of financing for Roblox.
“The company has rapidly established itself as one of the most important online marketplaces for Gen Z and millennial consumers,” said Jared Middleman, partner at Dragoneer.
StockX’s numbers from last year would agree.
- Generated over $400 million in revenue
- Closed over 7.5 million trades
- Reached $1.8 billion in gross merchandise value
The extra funding will assist in the company’s continuous growth — it added gaming consoles to its list of products last year.
“Our focus right now is on global expansion and category diversification, while continuing to grow our core business,” a StockX spokesperson told CNBC. “There are massive opportunities ahead, and our mission right now is to execute.”
StockX is expected to go public in the second half of 2021, Dow Jones reported this week.