It's not whattrading cards via live videos; The platform, which allows the sale of items such as comics and shoes, has raised $265 million in a Series E funding round. It was announced on Wednesday that it is a significant investment for the streaming shopping platform. This round values Whatnot at $4.97 billion.
The investment is an important milestone for Whatnot and highlights the potential for live streaming shopping in the US. The high volume reflects investors' belief that more innovation is possible in the space, which is Whatnot's focus.
Art to the new city It will also branch out into additional categories, including golf and vinyl. Whatnot is also working on new sales tools designed to help sellers grow their businesses. One of these tools aims to simplify listing and ordering for sellers.
Whatnot is set to go on sale in Australia next month and other markets in Europe later this year. It is the United States, UK Canada France Germany Austria Available in the Netherlands and Belgium.
Founded in 2019 by Grant LaFontaine and Logan Head, Whatnot's platform is designed for collectors, differentiating it from competitors focused on fashion and beauty products today. sports trading cards; action comics; Accessories with a focus on comic books and memorabilia; clothes, electronics; It has expanded over time to include live plants and more.
A key feature of the platform is its “sudden death” auctions, where the last bidder wins the item. Recently, Whatnot allows sellers to customize their products; A new sales method called flash sales has been introduced, which allows for real-time discounts. During the live broadcast, A countdown clock creates a sense of urgency among buyers. Last year, The platform has released a new rewards tool that allows buyers to redeem rewards from sellers after completing certain achievements and leveling up.
Along with the funding announcement, Whatnot said it plans to launch its first tender offer to buy back $72 million worth of shares. The company told us the move reflects its commitment to investing in its 600 full-time employees. In share buybacks, a company is doing well and salary; It often suggests that it can afford to invest in its workforce, either through benefits or other investments.
Andreessen Horowitz (a16z); CapitalG, BOND Avra, with participation from Durable Capital Partners and Y Combinator; Co-led by DST Global and Greycroft. to date, Whatnot earned an estimated $746 million.
Whatnot recently reported that its annual gross merchandise value (GMV) for live streaming sales surpassed $3 billion. Reporting. Annual GMV over $2 billion.