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Famed sneaker resell platform GOAT has now joined the billion-dollar club, sources report.
According to news outlets, GOAT has managed to raise $100 million USD for expansion plans, while hitting an all-time valuation high of $1.75 billion USD. The platform managed to raise the funds in Series E funding from D1 Capital Partners on Wednesday. GOAT was previously valued at $550 million.
Los Angeles-based GOAT was founded in 2015, and currently serves 30 million members and 600,000 sellers across its platform. StockX, another leading resale platform, hit a $1 billion valuation in June of 2019.
“Our mission is to bring the world’s greatest products together from the past, present and future, while providing a premier end-to-end customer experience with a point of view on culture and style,” GOAT co-founder and CEO Eddy Lu said in the release. “We will utilize this new round of funding to capture the significant market opportunities in sneakers, apparel, and additional categories through technological innovation and by building even greater scale across our verticals.”
A Cowen & Co. analysis from July said the sneaker resale industry was worth $2 billion in North America and could reach $30 billion globally by 2030.
