StockX is the latest — and certainly one of the most fashionable — in startups to join the unicorn club. The popular online apparel and sneakers marketplace completed a $110 million Series C funding round, valuing the company at over $1 billion, StockX said on Wednesday.
The milestone was announced along with the hire of StockX’s new CEO Scott Cutler, a veteran in the e-commerce exchange space. Cutler previously held executive positions at eBay ($EBAY), StubHub, and the New York Stock Exchange.
“Who knew that [StockX] would become literally one of the fastest growing technology companies ... and a really exciting, dynamic marketplace. I am here to be a part of it,” Cutler told Cheddar.
The company, which was dubbed the world’s first “Stock Market of Things,” was founded in Detroit in February 2016. The digital platform first brought together buyers and sellers of sneakers but has since expanded to watches, handbags, and streetwear.
Unlike eBay, StockX connects anonymous buyers and sellers of the same product in a single space, creating a peer-to-peer marketplace free of biases. The site includes a wide array of top brands including Nike, Adidas, and Supreme, as well as designer products from Gucci, Louis Vuitton, and Chanel, among several others.
“It is the method of how we connect buyers and sellers. All we are is a marketplace,”Josh Luber, StockX’s co-founder, told Cheddar, adding that the business is an evolution of eBay. “That is what creates the efficiency and growth.”
The latest funding round was the largest in Michigan’s venture capitalist history and was led by investment firms DST Global, General Atlantic, and GGV Capital, StockX said. The company has also received funding from several high profile investors such as Karlie Kloss, Steve Aoki, Eminem, Mark Wahlberg, and Marc Benioff.
"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,” Hans Tung, managing partner at GGV Capital, said in a statement. Tung also joined the company’s board of directors as part of the deal.
Luber told Cheddar that StockX’s top priorities for expansion are Europe and China. The company plans to invest in regional payment methods, additional language systems, and local customer support. StockX also plans to open a fifth product authentication center outside Amsterdam.
“We have the supply that basically everybody in the world wants but to be a global marketplace in 2019, you need a collection of local marketplaces,” Luber said.