The funding helps bring Whatnot to a $1.5B valuation. Here are the top-line bullets you need to know.
Whatnot, an online collectibles marketplace, has raised $150M in a Series C. The round drew participation from Andreessen Horowitz, Y Combinator, and capitalG, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Whatnot is a live streaming digital marketplace for collectibles that have been professionally authenticated. The platform features products such as Pokémon cards, Funko Pops, pins, sneakers, and vintage clothing.
- Whatnot has seen 3 funding rounds in 2021.
- It has increased employee count from 45 in May 2021 to 70 at present.
WHY DOES THE MARKET MATTER?
- The global e-commerce market is projected to grow at a CAGR of 22.9% and reach a value of $16.2T by 2027, according to Meticulous Market Research.
- The US live stream shopping market is expected to reach $11B by the end of 2021 and could reach $25B by 2023, according to Coresight Research.
- Several brands have experienced an increase in sales as the result of live streaming products, as it decreases the amount of time that needs to be spent on branding and promotions and also attracts a larger audience.
- The Covid-19 pandemic has also contributed to a shift towards contactless shopping via live streaming and social media platforms.