StockX raises $44m for international expansion
today Sep 14, 2018
Sneaker and streetwear marketplace StockX has announced the closing of a Series B round of funding worth $44 million, financing that will be used to expand the company internationally. These funds will also go toward helping the company grow its product categories and potentially open physical stores.
The new round of funding comes from GV and Battery Ventures, and includes well-known investors like DJ Steve Aoki and Karlie Kloss.
Currently, StockX exists strictly as an e-commerce platform, with the majority of sales coming from user-generated sneaker and streetwear sales. With this new financing, the company plans to expand to support more currencies, languages and marketing strategies, while also possibly opening operational locations for more efficient worldwide shipping.
In addition to diversifying the brand's audience, this funding will also help to flesh out the company's C-suite at the moment, StockX is running without a CTO, CMO or CFO.
The Detroit-based startup, founded in 2016 by CEO Josh Luber, COO Greg Schwartz and founder and chairman of Quicken Loans Dan Gilbert, reports more than $2 million in daily transactions, with 800,000 users having sold or purchased items on StockX.
“We didn’t need money,” Luber told TechCrunch the day before this announcement, adding, “It was really about having external people that that we thought added truly different values than we had around the table.”
Since receiving the new funding, the company has also hinted at expanding its products to include a fuller range of apparel, and has begun to explore brick-and-mortar possibilities in LA, NYC, San Francisco and Portland.
StockX currently employs 300 in Detroit and 50 in Tempe, Arizona, and is unique for its policy of having every item sold on the marketplace personally authenticated by its employees.
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