- StockX has announced that it closed $110 million in Series C funding at a valuation of more than $1 billion
Today Detroit-based StockX announced that it closed $110 million in Series C funding led by DST Global, General Atlantic, and GGV Capital. Current investors GV (formerly Google Ventures) and Battery Ventures also joined the round. The $110 million funding round is considered the largest VC funding round in Michigan history. This round of funding values StockX at more than $1 billion.
And the company also announced it named e-commerce veteran Scott Cutler as CEO. Cutler is succeeding StockX co-founder Josh Luber. Going forward, Luber is going to remain on the executive leadership team and will remain on the executive leadership team and the board of directors.
StockX — which has surpassed a $1 billion GMV run rate in under three years — will be leveraging the new investment for further expanding its international growth with a specific focus on Europe and the Asian markets. Currently, StockX has customers in nearly 200 countries and millions of active users.
With this round of funding, it will allow StockX to diversify its product categories and extend its offline reach with brick-and-mortar locations in key international markets.
StockX essentially runs an online bid/ask marketplace and the popularity of the service started off with limited edition sneakers. And StockX will continue collaborating with some of the world’s foremost brands to release products directly on the StockX platform through “initial product offerings.”
“Scott and I met just two days after StockX went live,” said Luber. “His extraordinary background mirrors the unique business model we have built at StockX. He understood the power of a ‘stock market of things’ and quickly became a friend and trusted advisor. Over the three years that followed, as the business scaled rapidly, Greg [Schwartz, StockX co-founder and COO] and I had the idea that Scott might one day be the perfect CEO to take us to the next level. Then the stars aligned — the growth continued, we added three world-class investors to our team, and Scott became available. We weren’t looking for a new CEO, but this was a no-brainer.”
StockX was founded by Luber, COO Greg Schwartz, and Quicken Loans founder and Cleveland Cavaliers chairman Dan Gilbert in February 2016. Now StockX has more 800 full and part-time team members.
Since launching as a sneaker stock market, StockX has expanded to four more verticals including streetwear, handbags, watches, and collectibles.
Every day, StockX conducts millions in transactions and moves thousands of products through its four authentication centers across the U.S. and Europe. The fifth authentication center will be opening outside of Amsterdam soon.
“GGV Capital has long seen the value of investing in e-commerce disruptors and StockX is no exception. It is more than a marketplace; the platform’s unique model is truly changing the way consumers engage in the purchasing process and has global growth potential,” added GGV Capital managing partner Hans Tung. “StockX has already seen incredible growth internationally but what we are most excited about is the opportunity to continue to scale the company globally and provide unprecedented access to consumer goods for users across the world.”
Cutler is assuming the role of CEO immediately. He is joining StockX from eBay where he served as SVP of Americas. Between 2015 and 2017, Cutler was the president of StubHub (the world’s largest ticket marketplace) where he oversaw significant growth and strategic partnerships with professional sports leagues, teams, and artists. Before StubHub, Cutler was an EVP at the New York Stock Exchange where he oversaw $1 trillion in capital market financings and led some of the biggest IPOs such as LinkedIn, Twitter, and Alibaba. Cutler is also joining StockX’s board of directors along with Tung.
“I have known the company and the management team since the beginning and have been impressed by its unique market model in e-commerce and dramatic growth. StockX is revolutionizing e-commerce,” explained Cutler. “That is why the company is one of the fastest growing technology companies in the world with a rapidly expanding global user base comprised of passionate enthusiasts; it is what sets StockX apart and why I welcome the opportunity to lead the team as we look to what’s next — extending the reach of the platform and broadening its offering to provide more users with access to an authentic, transparent, anonymous marketplace.”
Some of StockX’s previous investors include Detroit Venture Partners, Courtside Ventures, Steve Aoki, Karlie Kloss, Don C (streetwear designer), Salesforce founder chairman and co-CEO Marc Benioff, Eminem, Mark Wahlberg, Ted Leonsis, Tim Armstrong, and Scooter Braun.
The sneaker brands featured on StockX include Jordan Brand, adidas, and Nike. And the streetwear category of products include Supreme, BAPE, Palace, and Kith. Handbags sold on StockX include Louis Vuitton, Goyard, Gucci, and Chanel. And the timepiece brands on StockX include Rolex, Audemars Piguet, and Omega.
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