Whatnot Valuation Doubles to $20 Billion in Latest Funding Round
Livestream shopping startup Whatnot has raised $545 million in a Series G funding round, nearly doubling its valuation to $20 billion. The company expects to use the funds to develop better tools for sellers, expand AI use, and enter new markets.
Key points
- Whatnot, a livestream shopping startup, raised $545 million in a Series G funding round, led by Iconiq, Lightspeed, and Avra.
- The funding round lifted Whatnot's valuation to $20 billion, nearly doubling it from $11.5 billion less than a year ago.
- The company has surpassed $8 billion in gross merchandise volume and estimates it controls about 60% of the $22 billion live commerce market.
- Whatnot plans to use the funds to develop better tools for sellers, expand the use of AI across the selling experience, and reach more buyers and enter new markets.
- The company faces growing competition from eBay, Fanatics, and TikTok Shop in the live commerce market.
Whatnot, a leading livestream shopping startup, has secured a significant funding boost in its latest Series G round. The $545 million investment, led by Iconiq, Lightspeed, and Avra, has lifted the company's valuation to $20 billion, nearly doubling it from $11.5 billion less than a year ago.
This latest funding round marks a significant milestone for Whatnot, which has been rapidly expanding in the live commerce market. The company has already surpassed $8 billion in gross merchandise volume and estimates it controls about 60% of the $22 billion live commerce market. However, Whatnot faces growing competition from established players like eBay, Fanatics, and TikTok Shop.
Whatnot plans to use the funds to develop better tools for sellers, expand the use of AI across the selling experience, and reach more buyers and enter new markets. The company's CEO, Grant LaFontaine, has stated that the new funding will be used to drive growth and innovation in the live commerce space.
The live commerce market has seen significant growth in recent years, driven by the rise of social media and e-commerce platforms. Whatnot's success in this space is a testament to the company's innovative approach to live shopping and its ability to adapt to changing consumer behavior.
Sources
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