GOAT Valued at $1.75 Billion, After $100 Million in New Financing
Online sneaker marketplace GOAT is now worth $1.75 billion, off the back of $100 million in new financing.
‘Our mission is to bring the world’s great products together from the past, present and future, while providing a premier end-to-end customer experience with a point of view on culture and style,’ said co-founder and chief executive Eddy Lu in a statement.
GOAT has raised $200 million from investors including Accel and Upfront Ventures, while Foot Locker added another $100 million on their own. The recent valuation makes GOAT the second billion-dollar sneaker/streetwear resell platform, alongside rivals StockX.
The company intends to use the new round of financing to improve research and development, and expand internationally.
‘We witnessed the impressive success that catapulted GOAT to become a top player in the sneaker space, and were drawn to their disciplined operational approach and differentiated value proposition,’ said Dan Sundheim, the founder of D1 Capital Partners.
‘As GOAT continues to grow its core business and expand into new categories, it is rapidly emerging as one of the best positioned next generation global e-commerce platforms.’
The sneaker and streetwear market could potentially to reach $30 billion in sales globally by 2030, according to a recent report by the research firm Cowen (cited by The Wall Street Journal).