The resale marketplace known for sneakers and streetwear raised $275 million in the round, with investors including Tiger Global Management and Altimeter Capital. The company has more than doubled its valuation from last year. Chief executive Scott Cutler, formerly of Stubhub and Ebay, stated that revenue rose 75 percent year-over-year, allowing the company to become profitable in the third quarter. Similar to other online marketplaces like Etsy and Ebay, StockX has benefited from the e-commerce boom with a record of 25 million monthly visitors in the quarter.
The news comes after co-founder Josh Luber’s exit in September, with Cutler taking over as chief executive in June of 2019. Over the past year, StockX has rapidly expanded its C-suite executive list and international plans, opening up offices in London and Tokyo, along with a series of pop-ups across the US.
Categories have also moved beyond sneakers to include handbags, watches and streetwear clothing and accessories, prompting new authentication facilities in Toronto, Hong Kong and Portland.
“The quality of investors joining us is a clear signal that the market recognises that there is incredible opportunity in e-commerce for current culture products and StockX is best positioned to meet consumer demand for those products,” said Cutler in a statement.