The valuation of Goat Group, the parent company of US sneaker and apparel marketplace Goat, has more than doubled following the completion of a new 195 million dollar financing round.
The Series F funding round drove the valuation of the LA-based company up to 3.7 billion dollars from the 1.8 billion dollars it was valued at last September in a previous funding round.
Founded in 2015 as a platform exclusively for sneakers, Goat has since expanded into other categories including apparel and accessories, and today has around 30 million members and 600,000 sellers.
In the past 12 months, the company achieved gross merchandise value (GMV) of 2 billion dollars, with GMV of sneakers up over 100 percent, and apparel up 500 percent.
Goat at ‘intersection of primary and resale markets’
Goat said this latest financing, which was led by Park West Asset Management, will be used to invest in growth in its sneaker business and its apparel and accessories verticals.
It will also use the money to increase its global footprint of 13 facilities with the addition of ones in Chicago, China, Japan and Singapore.
As a marketplace that sells both second-hand items and new products directly from brands, the company is “uniquely positioned at the intersection of the primary and resale markets”, putting it in an ideal position for continued growth, according to Goat co-founder and CEO Eddy Lu.
“Goat growth is accelerating across every channel and category due to the powerful global technology platform we have developed and the premier customer experience we deliver, which resonates with younger consumers around the world,” Lu in a release.