StockX raises $110 million, valued over $1 billion
Gunderson Dettmer client StockX, a Detroit-based online marketplace for sneakers, streetwear and luxury goods, has announced a $110 million financing putting the company’s valuation over $1 billion. Investors in the round included General Atlantic, DST Global and GGV Capital.
In a New York Times exclusive, the Company’s new CEO, Scott Cutler, explained that StockX plans to use the new capital to expand internationally and introduce sales of newly released products in addition to its resale market. StockX, which now has more than 800 employees, also disclosed that its revenue has more than doubled in the last year, with gross product sales topping $100 million a month as the marketplace expands into streetwear and luxury goods like handbags alongside its core sneaker offering.
The Gunderson Dettmer team was led by Nick Harley and Marcia Hatch and included Sogoal Salari, Laurel Fedder, Sid Ray and Dahni Ma.