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StockX Raises $275 Million in Series E Funding RoundDETROIT, Dec. 16, 2020 /PRNewswire/ -- StockX today announced it has raised $275 million in a Series E funding round that values the fast-growing platform at $2.8 billion post-money. The new investment will be used to accelerate global expansion, product innovation and category diversification for the e-commerce marketplace. In the third quarter, StockX not only achieved break-even, but also surpassed $3 billion in lifetime gross merchandise value (GMV). During 2020, StockX's year-over-year revenue growth has accelerated, reaching over 75% in Q3 on over $100 million in quarterly GAAP revenue. Led by Tiger Global Management, LLC with new participation from Altimeter Capital, Sands Capital, and Whale Rock Capital Management, the raise marks the largest VC funding round in Michigan history and brings the total funds raised to $490 million. The new investors bring to the table deep experience in the technology, consumer and e-commerce sectors, having invested in leading platforms including Amazon, Netflix, Salesforce, Shopify, Spotify and Uber. They join the likes of Battery Ventures, DST Global, Detroit Venture Partners, Galaxy Interactive, GGV Capital, GV, General Atlantic, and Marcy Venture Partners (co-founded by Shawn "Jay-Z" Carter) as investors in the e-commerce platform. "The quality of investors joining us is a clear signal that the market recognizes 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 StockX CEO Scott Cutler. "I'm thrilled to welcome our new partners to the team — their collective expertise will be invaluable as we continue to build on the momntum from the last year, and drive the growth to cement StockX's position as the global marketplace leader." StockX has logged record-breaking growth in 2020. As of the end of Q3, the company surpassed 13 million lifetime trades (StockX's metric of transactions between buyers and sellers), 50% of which were in the prior 12 months. Additionally during Q3, StockX saw an average of 25 million global visitors per month. "The power of the online marketplace is growing rapidly — along with our reliance on digital experiences," said Griffin Schroeder, Partner, Tiger Global. "The StockX team has demonstrated the ability to build a trusted and customer-centric experience for people buying and selling online, and we are excited to partner with them as they continue to innovate a tech-forward model to deliver much-needed authenticity and price transparency in this market." Growing International Footprint Accelerated Category Expansion About StockX View original content to download multimedia:http://www.prnewswire.com/news-releases/stockx-raises-275-million-in-series-e-funding-round-301193907.html SOURCE StockX |