Wednesday, June 26, 2019

StockX Is Now Valued at Over $1 Billion

Sneaker stock market, StockX, has officially closed on a $110 million Series C funding round from DST Global, General Atlantic, and GGV Capital. The deal means that the Detroit-based online marketplace is now valued at over $1 billion. It is the largest rise in Michigan Venture Capital history. The deal also brings forth a new CEO for the company, former eBay Inc. senior vice president and StubHub president Scott Cutler. Cutler will supplant co-founder and former CEO Josh Luber, who will still serve on the company's executive leadership team and board of directors. According to an official press release, the new round of funding will be utilized by StockX to expand its growth internationally, specifically in Europe and Asia, diversify its product categories, and open up more brick-and-mortar locations in major cities across the globe.

"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," said 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."