StockX LLC, an online marketplace that sells sneakers, streetwear, collectibles and other items, said it has made a $ 3.8 billion valuation by selling $ 60 million worth of new stock and letting some employees they would sell $ 195 million of their own shares to investors right now.
The 35% jump in valuation is ahead of the company’s expected public listing, which is likely to occur as early as the second half of this year, according to people familiar with the company’s plans. Funding also comes quickly after the previous round, when StockX raised $ 275 million in new capital in December, valuing it at $ 2.8 billion. The company first eclipsed the $ 1 billion valuation mark in mid-2019.
Altimeter Capital, an existing investor, leads this round and Dragoneer Investment Group will join the round as a new investor.
“By any metric, these valuations are very reasonable when you look at their growth rate, their unitary economy, and their geographic and product expansion,” said Brad Gerstner, founder and CEO of Altimeter, referring to the the company’s last two rounds of fundraising. “StockX is really on fire as an e-commerce platform.”
Altimeter and Dragoneer recently benefited from another dizzying valuation leap. Earlier this year they led a new round of funding for video game platform Roblox Corp., which put $ 520 million to $ 45 a share in the company in January. Roblox debuted through a direct listing in March and its shares have recently traded around $ 70.