Venture Capital: Sneaker-Focused, Online Platform Goat Grabs $100M
Goat also turned unicorn during the Series E funding round.
The round valued the company at $1.75 billion. The startup, therefore, turned unicorn, having previously been valued at $550 million.
Goat Group operates the GOAT, Flight Club, and alias brands.
Use of funds
Goat will use the funds to expand its product categories and territories. It also intends to capitalize on “opportunities” in sneakers, apparel, and additional categories.
The company also intends to build scale in its business verticals.
More than 350 brands use its platform to sell their products. The site caters to a young set, sometimes referred to as “sneakerheads.” Though the platform is planning to introduce new categories such as fashion apparel and accessories, sneakers will continue to be its main business focus, according to the Wall Street Journal.
The latest funding brings the startup’s cumulative fundraising to over $300 million. Investors include Accel, Foot Locker, Index, and Upfront Ventures.
Research firm Cowen said in July that the market potential of sneaker and streetwear resale market in North America could be as high as $30 billion globally by 2030.
“Our mission is to bring the world’s greatest products together from the past, present, and future while providing a premier end-to-end customer experience with a point of view on culture and style,” said Eddy Lu, co-founder and Chief Executive Officer, in a statement.
“We witnessed the impressive success that catapulted GOAT to become a top player in the sneaker space and were drawn to their disciplined operational approach and differentiated value proposition,” said Dan Sundheim, Founder of D1 Capital Partners, in a statement. “As GOAT continues to grow its core business and expand into new categories, it is rapidly emerging as one of the best positioned next-generation global e-commerce platforms.”
Image Credit: Goat.com
Latest Alternative Investment News
The Brunel Pension Partnership has picked Ownership Capital, RBC Global Asset Management, and Nordea Asset Management to manage its new Sustainable Equities Fund of around £1.2 billion ($1.55 billion). Brunel…
CrowdProperty, a leading crowdfunder/lender to the U.K. SME property sector, has lent over £100 million to development professionals. The funding had a beneficial impact on the UK economy because it…
Ripple Labs, the San Francisco-based technology company that facilitates cross-border payments through the use of its blockchain solutions via RippleNet, will invest an undisclosed amount in Money Tap. Money Tap…
Earlier this year, Apple (NASDAQ: AAPL) acquired Vilynx, a Barcelona-based startup that uses AI and computer vision technology to analyze a video’s visual, audio, and text elements. Reportedly, the iPhone…