StockX, otherwise known as the “stock market of things,” has closed a $44 million Series B funding round led by GV, formerly Google Ventures (the venture capital arm of Alphabet Inc.), and Battery Ventures, an investment firm that focuses on app software and industrial technology.
Notable investors this round include world-renowned DJ Steve Aoki, supermodel Karli Kloss, Jordan Brand collaborator and designer Don C, and American billionaire philanthropist Marc Benioff. Current investors that also participated in this round of funding include Eminem, Mark Wahlberg, investor and entertainment executive Scooter Bruan, and billionaire filmmaker Ted Leonsis.
StockX aims to use this $44 million in financing to expands its platform’s reach internationally, grow its authentication centers, and broaden its range of product categories. The stock market for high-demand consumer goods is growing — right now, it averages over $2 million in daily transaction value.
“When we launched StockX just over two years ago, we did so with the idea that our innovative platform would revolutionize and dramatically improve the buying and selling experience of many categories of consumer products,” said Josh Luber, StockX CEO, in a statement. “We are grateful to the incredible group of high-profile investors who have supported us from the beginning. Adding leading Silicon Valley venture capitalists, GV and Battery, to the investor group will not only provide the additional capital to take us through our next growth phase, but also bring the invaluable experience and knowledge of firms who have invested in so many household name tech-based success stories of the past decade or more.”
StockX was co-founded in 2016 by Josh Luber, StockX COO Greg Schwartz, and Dan Gilbert, founder and chairman of Quicken Loans. The platform trades goods including sought-after Jordan, Nike, and adidas sneakers, streetwear from brands like Kith, BAPE, and Palace, Rolex and Omega watches, and Louis Vuitton handbags, and moves thousands of products through its primary authentication center in Detroit. Its staff, now 400 members strong, will continue to grow with aggressive hiring.
“When we talk about our vision of helping to remake Detroit into a job-producing, high-tech, 21st century urban center that is a talent magnet for the best and brightest, you could not be more excited about a company than StockX,” said Dan Gilbert in a statement. “We are hopeful that StockX will not only continue its rapid growth, but that it will serve as confirmation that Detroit is one of the cities on the shortlist that entrepreneurs must consider to launch their high-tech startups.”
StockX has contributed more than $1 million to foundations and nonprofits across the country with its Charity IPO initiative. It raises funds for causes by partnering with noted philanthropic organizations and the world’s biggest celebrities including Eminem, Pharrell, Mark Wahlberg, Snoop Dogg, Virgil Abloh, DJ Skee, Steve Aoki, 2 Chainz, Don C, Jon Buscemi, Karlie Kloss, Gary Vaynerchuk, Emily Oberg, Russell Wilson, Steph Curry, and the Wu-Tang Clan.
You can learn more about StockX by listening to Josh Luber tell his story on The Premium Pete Show.