The 'stock market of things' known for its hype-driven selection of sneakers, luxury handbags, watches and streetwear is the latest resale company to close a major funding round.
The "stock market of things" known for its hype-driven selection of sneakers, luxury handbags, watches and streetwear is the latest resale company to close a major funding round.Author:Alyssa Vingan KleinPublish date:Jun 26, 2019Updated onJun 26, 2019It seems as though investors around the world cannot pour their millions into resale companies fast enough.
The streetwear space has been particularly popular, with hype-driven retailers including Stadium Goods, Goat and Grailed all raising millions to help expand their businesses. Among the most interesting of the streetwear and sneaker-heavy resale concepts is StockX, often referred to as a "stock market of things." Founded in 2016, it features dynamic prices that fluctuate based on each item's perceived value, as well as a rigorous authentication process.
But that was just the beginning: On Wednesday, StockX announced that it has closed a $110 million Series C funding round, which officially puts StockX's valuation at more than $1 billion. According to a release from the company, this new investment will be put toward international growth — the European and Asian markets, specifically — as well as further diversification of product categories.
The company also announced on Wednesday that Scott Cutler, who most recently served as the senior vice president of eBay, has been appointed as CEO. "StockX is revolutionizing e-commerce," Cutler said in a press statement.
While StockX has plenty of competition in the resale space — both on and offline — this investment only further proves that the future of the market is extremely bright.
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