StockX, which calls itself “the world’s first ‘stock market of things’, raised new funding.
The startup raised $110 million in Series C funding from five investment firms, GGV Captial, DST Global, Battery Ventures, GV and General Atlantic. The funding is reportedly the largest in Michigan venture capital history to date.
It has been reported through multiple media sources that the startup, with this new funding round, is now worth more than $1 billion.
The StockX platform lets consumers buy and sell items across four categories: sneakers, watches, handbags and streetwear. Like financial trades, StockX lets consumers make transactions and see them in real time, with transaction data and analytics availability.
StockX plans to use the new investment money to further expand its international growth, particularly to Europe and Asian markets. It currently has customers in more than 200 countries and millions of active users.
It also plans to diversify its product offerings and expand to brick -and- mortar locations in key worldwide markets.
StockX announced it has also appointed Scott Cutler, formerly of eBay, as its CEO, replacing Josh Luber who will remain in the executive leadership team and board of directors.