With the conclusion of a $195 million secondary tender offering and an additional $60 million in Series E-1 primary shares, StockX now has a $3.8 billion valuation.
“This news signals the broad recognition and excitement for the long-term value of StockX’s business, as well as a growing appreciation for marketplace experiences,” Scott Cutler, CEO of StockX, said in a statement. “Fundamental shifts in both consumer buying and investing behavior provide an immense growth opportunity for StockX, which has long lived at the intersection of consumer goods and tradable assets. We are just scratching the surface of what StockX can deliver for the millions of global buyers and sellers who count on the platform for a wide range of authentic current culture products.”
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The new valuation is a 35% increase over its prior $2.8 billion valuation in December 2020, which was announced after its $275 million Series E funding round closed.
In a statement, StockX announced Altimeter Capital led the all-cash offer, and that there was also participation from existing investors and newcomer Dragoneer.
“StockX has quickly become one of the largest and fastest-growing consumer marketplaces — serving an accelerating global audience thirsting for authenticity and relevant products,” Brad Gerstner, founder and CEO of Altimeter Capital, said in a statement. “The visionary leaders and team have built a new platform for trading and ownership that starts with trust and supports a growing list of products from sneakers to electronics to collectibles. Altimeter is excited to partner for the long haul as StockX becomes one of the most important e-commerce destinations in the world.”
Jared Middleman, partner at Dragoneer, added: “StockX is a leader at the intersection of two powerful trends: the large and intensifying demand for authenticated products, and elevated price discovery and transparency in online marketplaces. By innovating in these two areas, the company has rapidly established itself as one of the most important online marketplaces for Gen Z and millennial consumers. This position has unlocked a number of promising new growth opportunities, and we are excited to support the StockX team as they work to realize this potential.”
StockX also confirmed today that for the year ending December 2020, it closed more than 7.5 million trades and hit $1.8 billion in gross merchandise value in 2020, resulting in GAAP revenue of more than $400 million.
This valuation is the latest milestone of “the stock market of things,” which launched in February 2016. Just two years ago, StockX raised $110 million in a Series C funding round, elevating its value to $1 billion, reaching unicorn status.