Footwear resale platform StockX has hit a market valuation of over $1 billion following a successful funding round.
The US company, founded in 2015, has just secured a further $110 in a Series C funding round led by DST Global, General Atlantic and GGV Capital, raising its total market valuation above the coveted “unicorn” threshold
It reportedly plans to use the cash to expand its global operations, focusing largely on Europe and Asian markets, while diversifying its product categories.
StockX also reportedly plans to branch out into brick-and-mortar retail, launching stores in a number of key international markets.
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Alongside the announcement, StockX revealed that former Ebay senior vice president Scott Cutler will take over as its new chief executive, replacing co-founder Josh Luber who will remain on the board of directors.
“We have long seen the value of investing in e-commerce disruptors and StockX is no exception,” GGV Capital’s managing partner Hans Tung and member of StockX board of directors said.
“It is more than a marketplace; the platform’s unique model is truly changing the way consumers engage in the purchasing process and has global growth potential.
“StockX has already seen incredible growth internationally but what we are most excited about is the opportunity to continue to scale the company globally and provide unprecedented access to consumer goods for users across the world.”