GOAT, the online sneakers store, has raised $100 million in a new funding round, which catapults its net worth to $1.75 billion.
It’s a big achievement for the Los Angeles-based startup. However, the sneaker and streetwear market is quite huge. According to the research firm Cowen, it will reach $30 billion in sales by 2030.
These days GOAT is more than just shoes. Since its launch in 2015, it has expanded into other categories. Moreover, the CEO of the company, Eddy Lu, said in a statement, “We are on a mission to bring the biggest products of the world together from the past, present, and future. We aim to provide an amazing end-to-end customer experience with a focus on style and culture.”
The company has obtained around $200 million from different investors, like Accel and Upfront Ventures. Moreover, it has raised another $100 million in a new round led by the shoe retail giant, Foot Locker. Now, GOAT counts among the top retailer brands. It is competing with the likes of Alexander McQueen and Nike. It also competes with the top brands which sell wares directly on their platform.
GOAT isn’t the only one to reach a $1 billion valuation by reselling luxury goods. StockX, the major competitor of the company, also got a $1 billion valuation on a $110 million round last year. The Grammy award winner, Eminem, also invested in StockX back in 2017.
According to the company, it will use the funding round to focus on its research and development and to expand internationally.
Dan Sundheim, the founder of D1 Capital Partners, said in a statement, “We have witnessed GOAT grow from a small company to one of the major players in the sneaker space. The company is growing its business and expanding into newer categories. This commitment is turning it into a rapidly emerging market as one of the best global e-commerce platforms.”
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