Detroit-based StockX, a sneaker and clothing resell site, rung up new funding today (December 16, 2020) with investments from Tiger Global Management and Altimeter Capital injecting the company with $275 million. The investment reflects a value of $2.8 billion, more than double its valuation in 2019. The company has now raised $490 million through private investors.
StockX CEO, Scott Cutler, whose resume includes executive positions at eBay and the New York Stock Exchange, noted the company became profitable for the first time during third quarter, with revenue jumping a healthy 75% versus the prior year.
The site also drew record traffic registering 25 million monthly visitors during the quarter, racking up 10 million visits during Black Friday weekend alone.
StockX was launched in 2016 by Dan Gilbert, Greg Schwartz, and Josh Luber as a platform to buy and sell coveted sneakers. The platform eventually added streetwear, handbags, accessories and electronics. Luber would go on to become the CEO of StockX, a role he stepped down from In June 2019, passing the mantel on to Cutler.
The site mimics the stock exchange by tracking product pricing trends over time and has become a go-to not just for sneaker buyers but also brands who use the site to track the success of their most coveted launches.
Check out an exchange with Cutler on CNBC below.
