StockX becomes first sneaker-reselling platform to reach $1B valuation.
Sneaker re-selling platform StockX, which bills itself as the “stock market of things,” has today announced a $1 billion valuation after closing on a $110 million Series C funding round from DST Global, General Atlantic, and GGV Capital.
Josh Luber, the co-founder of StockX, also announced that former eBay executive Scott Cutler would be taking over as the StockX CEO moving forward.
"Scott [Cutler] and I met just two days after StockX went live," said Luber in an official press release. "His extraordinary background mirrors the unique business model we have built at StockX. He understood the power of a ‘stock market of things’ and quickly became a friend and trusted advisor. Over the three years that followed, as the business scaled rapidly, Greg [Schwartz, StockX co-founder and COO] and I had the idea that Scott might one day be the perfect CEO to take us to the next level. Then the stars aligned -- the growth continued, we added three world-class investors to our team, and Scott became available. We weren't looking for a new CEO, but this was a no-brainer."
StockX, founded in Detroit in 2016 by Luber and Quicken Loans CEO Dan Gilbert, reportedly sells more than $1 billion of products per year on the site, and have goals of opening brick and mortar stores in New York. According to CNBC, sneakers account for about 75% of sales on the StockX site.
"I have known the company and the management team since the beginning and have been impressed by its unique market model in e-commerce and dramatic growth. StockX is revolutionizing e-commerce," said Cutler. "That is why the company is one of the fastest growing technology companies in the world with a rapidly expanding global user base comprised of passionate enthusiasts; it is what sets StockX apart and why I welcome the opportunity to lead the team as we look to what's next—extending the reach of the platform and broadening its offering to provide more users with access to an authentic, transparent, anonymous marketplace."