StockX Valuation Surges to $3.8 Billion with $255 Million Financing

--Following a record year of accelerating quarterly growth with more than $400 million in 2020 revenue, StockX completes a $195 million secondary tender offering and issues an additional $60 million in Series E-1 primary shares --

-- Led by Altimeter Capital with new investment from Dragoneer, the new round of funding represents a 35% increase from the company's $2.8 billion valuation in December 2020 --

News provided by

StockX

Apr 08, 2021, 05:00 ET

DETROIT, April 8, 2021 /PRNewswire/ -- StockX today announced the conclusion of a $195 million secondary tender offering as well as an additional $60 million in Series E-1 primary shares at a $3.8 billion valuation. This represents a 35% increase over the $2.8 billion valuation following the company's $275 million Series E funding round closed in December 2020.

StockX Valuation Surges to $3.8 Billion with $255 Million Financing

"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," said StockX CEO Scott Cutler. "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."

Altimeter Capital led the all-cash offer, with participation from existing investors and new institutional investor 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," said Brad Gerstner, Founder and CEO of Altimeter Capital. "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."

In just five years, StockX has grown to become one of the largest and most trusted global marketplaces of its kind. For the year ended December 31, 2020 the company closed more than 7.5 million trades and hit $1.8 billion in gross merchandise value (GMV), which resulted in GAAP revenue of over $400 million. StockX also achieved break-even in the second half of 2020 and served more than 200 million visitors across 200 countries and territories.

"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," said Jared Middleman, Partner at Dragoneer. "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."

Learn more about StockX at www.stockx.com.

About StockX
StockX is proud to be a Detroit-based technology leader focused on the large and growing online market for sneakers, apparel, electronics, accessories, and collectibles. StockX's powerful platform connects buyers and sellers of high-demand consumer goods from around the world using dynamic pricing mechanics. This approach brings unparalleled access and market visibility powered by real-time data that empowers buyers and sellers to determine and transact based on fair market value. The StockX platform features hundreds of brands across verticals including Jordan Brand, adidas, Nike, Supreme, BAPE, Off-White, Louis Vuitton, Gucci; collectibles from artists including KAWS and Takashi Murakami; and electronics from industry-leading manufacturers, Sony, Microsoft, Nvidia, and Apple. Founded in 2016, the company employs more than 1,000 people in 13 offices and authentication centers around the world, and facilitates sales in more than 200 countries and territories. Learn more at www.stockx.com.

SOURCE StockX