StockX Series B

Sneakers - September 13, 2018

StockX Secures $44 Million in Series B Funding Co-Led by GV and Battery Ventures

Jamie Delaney

Associate Creative Director @ StockX

The Detroit-based "Stock Market of Things" adds noted investors to lineup, including Steve Aoki, Karlie Kloss, Don C, Marc Benioff, and more.

The Detroit-based "Stock Market of Things" adds noted investors to lineup, including Steve Aoki, Karlie Kloss, Don C, Marc Benioff, and more.

We’re extremely excited to announce that StockX recently secured $44 million in Series B funding led by GV (formerly Google Ventures) and Battery Ventures. This new investment will help StockX expand its reach internationally to provide a growing number of users access to a transparent, authentic, anonymous marketplace for high-demand consumer goods. StockX also plans to leverage the funding to grow its internal team, expand its network of authentication centers, and broaden its range of product categories.

GV and Battery Ventures are joined by several new high-profile investors including DJ Steve Aoki, model and entrepreneur Karlie Kloss, streetwear designer Don C, and Salesforce founder, chairman, and co-CEO Marc Benioff. These are all in addition to the original StockX investors of Eminem, Mark Wahlberg, Ted Leonsis, Tim Armstrong, and Scooter Braun, giving us a true all-star roster.

“When we launched StockX just a few short years ago, we did so with the idea of revolutionizing the e-commerce space with a truly innovative model,” said Josh Luber, StockX CEO. “We’re fortunate enough to have attracted an incredible group of investors from the beginning — those that see both the value and growth potential in what we’ve built — and adding GV and Battery to that list will help us continue to deepen our impact, improve user experience, and remain on the cutting edge of technologies that fuel the platform.”

Co-founded in February 2016 by Luber, StockX COO Greg Schwartz, and Dan Gilbert, founder and chairman of Quicken Loans and chairman of the Cleveland Cavaliers, StockX has grown from a sneaker stock market to include three additional verticals — streetwear, watches, and handbags. Today, the company does $2 million in daily transactions, and moves thousands of products through its authentication centers daily. The team, which started with just three co-founders, is now comprised of more than 400 full- and part-time members.

“There is a huge opportunity for StockX to continue to diversify and scale its products with the efficiency and transparency that have become hallmarks of the company’s marketplace,” said Joe Kraus, general partner at GV. “Between StockX’s rapid development and the founding team’s ability to create a high-growth enterprise, the company is well-positioned to have a meaningful impact on the market for sought-after consumer products.”

Launched as Google Ventures in 2009, GV is the venture capital arm of Alphabet, Inc. Battery Ventures is a 35-year-old, technology-focused investment firm that invests in early- as well as late-stage companies — including online consumer marketplaces — from six global offices.

“StockX is changing the way people buy consumer goods and doing so at a rapid rate,” said Battery Ventures General Partner Roger Lee. “The growth the company has seen in such a short time is notable and is due in large part to the team behind the platform — they bring the leadership, subject matter expertise, and experience required for continued expansion and greater market share.”

The StockX platform currently features a wide range of brands across verticals including Jordan Brand, adidas, and Nike; Supreme, BAPE, Palace, and Kith in the streetwear category; handbag leaders Louis Vuitton, Goyard, Gucci, and Chanel; and Rolex, Audemars Piguet, and Omega among other timepiece brands. In addition to its core business, StockX has contributed more than one million dollars to foundations and nonprofits across the country through its Charity IPO program, an ongoing initiative aimed at raising funds for the world’s most important causes by partnering with noted philanthropic organizations and some of the world’s biggest celebrities, including: Eminem, Pharrell, LeBron James, Mark Wahlberg, Snoop Dogg, Virgil Abloh, DJ Skee, Steve Aoki, 2 Chainz, Don C, Jon Buscemi, Karlie Kloss, Gary Vaynerchuk, Emily Oberg, Russell Wilson, Steph Curry, and the Wu-Tang Clan.

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