The livestream shopping app Whatnot has announced a remarkable milestone: it raised $265 million in its Series E funding round. This significant investment has brought the platform’s valuation to $4.97 billion, highlighting its potential to dominate the U.S. livestream shopping space.
Founded in 2019 by Grant LaFontaine and Logan Head, Whatnot enables users to sell items like trading cards, comics, and sneakers via live videos. The company initially targeted collectors but expanded its categories to include accessories, electronics, and live plants.
The fresh funding will support Whatnot’s entry into new categories, including art, golf, and vinyl. Additionally, the platform is developing advanced seller tools to simplify inventory and order management for its users.
Global expansion is also on the horizon, with plans to launch in Australia next month and additional European markets later this year. Whatnot operates in the U.S., the U.K., Canada, France, Germany, Austria, the Netherlands, and Belgium.
Whatnot has differentiated itself with innovative features like “sudden death” auctions, where the last bidder secures the item, and flash sales, which offer time-sensitive discounts during live streams. The platform recently introduced a rewards system allowing buyers to redeem perks after achieving milestones.
To further invest in its workforce, Whatnot will initiate its first-ever tender offer to repurchase up to $72 million worth of shares. This move underscores the company’s commitment to its 600 full-time employees.
The funding round was co-led by Avra, DST Global, and Greycroft, with contributions from Andreessen Horowitz (a16z), CapitalG, BOND, Durable Capital Partners, and Y Combinator. To date, Whatnot has raised $746 million.
Whatnot’s annual gross merchandise value (GMV) has surged past $3 billion, marking significant growth from its previous $2 billion GMV. This momentum solidifies its position as a leader in the livestream shopping industry.