StockX LLC, an online marketplace that sells sneakers, streetwear, collectibles and other items, said it had a valuation of $ 3.8 billion by selling $ 60 million worth of new stock and some employees $ 195 million of their own shares to sell to investors at that price point.
According to people familiar with the company’s plans, the valuation increase is 35% higher than the company’s expected public listing, which is likely to take place in the second half of this year. The financing is also fast catching up with its previous round, when StockX raised $ 275 million in new capital in December, valuing it at $ 2.8 billion. The company first downgraded the $ 1 billion valuation point.
Altimeter Capital, an existing investor, is leading this round and Dragoneer Investment Group will participate in the round as a new investor.
“By any measure, these valuations are very reasonable when you look at their growth rate and their unit economy and their geographic and product expansion,” said Brad Gerstner, founder and CEO of Altimeter, referring to the company’s two recent fundraising rounds. “StockX is really on fire as an e-commerce platform.”
Altimeter and Dragoneer both recently benefited from another dizzying valuation jump. Earlier this year, they unveiled a new round of funding for video game platform Roblox Corp. led, which invested $ 520 million at $ 45 per share in the company. Roblox made its live listing in March and its shares recently traded around $ 70.