The valuation of the GOAT Group, a leading marketplace of authentic sneakers, apparel and accessories, has reached US $ 3.70 billion.
The Group sold a 5.25 per cent stake for US $ 195 million in a Series F funding round led by Park West Asset Management.
This investment follows GOAT’s strong sales for the last 12 months, during which it processed US $ 2 billion in merchandise value via its website.
Eddy Lu, Chief Executive of GOAT Group, commented, “Goat’s 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.”
He further added that GOAT is creating a leading, highly differentiated luxury and lifestyle brand that is uniquely positioned at the intersection of the primary and resale markets.
According to the Group, it’ll use the funds to support growth in its sneaker business as well as its rapidly growing apparel and accessories verticals.
The Series F funding round has doubled the company’s valuation, as its previous valuation was US $ 1.80 billion that reached during a September 2020 funding round.
Following this development, the Group also has plans of adding facilities in Chicago, China, Japan and Singapore to the company’s 10 current locations, where its team verifies the authenticity of items it receives for resale.
The start-up also intends to use the capital to improve its technology and branding to better serve its 600,000 sellers and 30 million members.
It’s worth noting here that GOAT also operates three bricks-and-mortar stores under the Flight Club moniker in Beverly Grove, New York and Miami.
