Tuesday December 5, 2023

StockX Seeks $2.5 Billion Valuation, Potential IPO

Stock X
Kimberly P. Mitchell- Detroit Free Press
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StockX is seeking a $2.5 billion valuation in its latest round of funding, ahead of a potential IPO in mid-2021.

That would more than double the $1 billion valuation StockX received when it raised $110 million in June 2019.

Co-founded by Cleveland Cavaliers owner Dan Gilbert, the apparel resale marketplace has a number of notable investors:

  • Google Ventures
  • Growth equity firm General Atlantic
  • Salesforce founder Marc Benioff
  • Rapper Eminem

The company expects a gross profit of $141 million on $350 million in revenue in 2020, well ahead of the $239 million of revenue it earned last year.

Though it started as a sneaker trading platform in 2015, StockX has expanded into jewelry and electronics. It is expected to handle 7 million trades this year with an average order size of $234.

Goat Group, which also operates an online marketplace for sneakerheads, raised a $100 million Series E funding round in September. That deal valued the StockX competitor at $1.75 billion.

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