|Detroit-based apparel resale marketplace StockX raised $275 million in a recently closed Series E funding round led by Tiger Global Management. It’s the largest VC funding round in Michigan history. |
The company is now valued at $2.8 billion, nearly triple the $1 billion valuation it received when it raised $110 million in June 2019. Competitor marketplace Goat Group raised $100 million in a September Series E round and was valued at $1.75 billion.
Altimeter Capital, Sands Capital and Whale Rock Capital Management also joined in the latest round. Previous investors include Google Ventures, growth equity firm General Atlantic, Salesforce founder Marc Benioff, and rapper Eminem.
StockX is rumored to be seeking a mid-2021 IPO.
The company anticipates a gross profit of $141 million on $350 million in revenue in 2020, up from the $239 million in revenue it earned last year.
StockX is expected to handle 7 million trades this year with an average order size of $234.