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.