UPDATE 1-Sneaker marketplace StockX valued at $3.8 bln after latest funding round
(Adds funding details, background, public listing plans)
April 8 (Reuters) - Sneaker marketplace StockX said on Thursday it had raised $255 million in a late-stage financing round, valuing the company at more than $3.8 billion.
The online retailer of sneakers, apparel, electronics, collectibles and trading cards is expected to make preparations to go public as soon as later this year, according to a person familiar with the matter.
The capital raise was led by technology focused investment firm Altimeter Capital, with new investment from growth-equity company Dragoneer and existing investors. As part of the deal, $195 million was used to buy stakes from some StockX employees, while the rest of the round was used to buy new shares. (https://refini.tv/3uyNYAw)
The Detroit-based company's current valuation is 35% higher than its last valuation of $2.8 billion during a Series E funding round in December, when it raised $275 million.
The popular e-commerce marketplace lets customers either bid on an item or buy the product at the displayed price. It closed more than $7.5 million in trades and reported a gross merchandise value of $1.8 billion for the year ended Dec. 31, 2020, raking in a revenue of $400 million.
StockX, which serves over 200 million visitors to its online marketplace across 200 countries, hit profitability in the second half of last year. (Reporting by Juby Babu and Sohini Podder in Bengaluru; Editing by Amy Caren Daniel and Devika Syamnath)