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Whatnot Raises $545M Series G Funding, Valuing Live Shopping Platform at $20 Billion
Key points
- Whatnot raised $545 million in Series G funding.
- The new valuation for Whatnot is $20 billion.
- Funding will be used for seller tools, AI integration, and market expansion.
- Whatnot's gross merchandise volume surpassed $8 billion this year.
Funding Round and Valuation Increase
Whatnot, a live shopping startup, announced the close of its latest funding round, a $545 million Series G. This round was led by Iconiq, Lightspeed, and Avra. The new funding brings Whatnot's valuation to $20 billion, nearly doubling its valuation from less than a year ago.
Platform Growth and Usage
The company reported significant growth, with over 650,000 new users joining its platform weekly. Whatnot has already exceeded $8 billion in gross merchandise volume for the current year, surpassing its total from the previous year. The number of buyers on the platform has also more than doubled over the past year.
Future Investments and Expansion
According to Grant LaFontaine, co-founder and CEO of Whatnot, the new investment will be directed towards developing better tools for sellers, incorporating AI into the selling experience, and helping sellers reach more buyers. The company also plans to expand into new markets and continue building its marketplace.
Previous Funding and Market Context
Whatnot has raised approximately $1.5 billion since its founding in 2019. Its rapid valuation growth aligns with the expanding live commerce market, which is valued at over $22 billion. Whatnot states it commands roughly 60% of this market, though competition is increasing from companies like eBay, Fanatics, and TikTok's Shop Live.
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Reporting from
Live shopping platform Whatnot secured $545 million in Series G funding, increasing its valuation to $20 billion. This funding will be used to enhance seller tools, integrate AI, expand into new markets, and grow its marketplace, reflecting the rapid expansion of the live commerce market.