just over a year ago, we reported that sneaker marketplace StockX was worth $1 billion, allowing them to expand additionally afield into markets such as Asia and Europe. Now, just a mere sixteen months later, the stock Market of things has announced its $275 million series E funding which subsequently lead their valuation to triple to roughly $2.8 billion.
According to the trading platform, they’ll be using this new funding to additionally expand globally as well as develop new products and services. with that said, some sources are also suggesting that StockX are preparing for an IPO which is expected to launch as early as next year.
Image by means of StockX
“The quality of investors joining us is a clear signal that the market recognizes that there is extraordinary opportunity in e-commerce for current culture products and StockX is best positioned to meet consumer demand for those products.” explained StockX CEO Scott Cutler in a statement. “I’m thrilled to welcome our new partners to the team — their collective proficiency will be indispensable as we continue to build on the momentum from the last year, and drive the growth to cement StockX’s position as the global marketplace leader.”
This is absolutely outrageous news for the sneaker game and it additionally cements that reselling is, in fact, the future of the industry. let us know what you think of this, and in related news, these are the 10 a lot of popular sneakers on StockX this year… and they might surprise you!
Image by means of StockX
