This latest round of funding values the company at $1.5B, making it the largest independent live shopping platform in the United States
Today Whatnot, the live stream shopping platform and marketplace for collectors and enthusiasts, announced that it has raised $150M in Series C from returning investors Andreessen Horowitz, YC Continuity, and new investor CapitalG. They join angel investors Andre Iguodala, Logan Paul, Gokul Rajaram, Nilam Ganenthiran and others in investing in the company, bringing the company’s total funding to $225M to date.
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Founded in 2019 by Grant Lafontaine and Logan Head, in less than two years Whatnot has become the biggest live stream shopping platform with a total valuation of $1.5B. Since the announcement of the last round, Whatnot has expanded to include other popular collectible categories like vintage fashion and sneakers, and plans to leverage the capital to drive growth in this competitive space.
“The race to ‘win’ live stream shopping in the US has been heating up over the past few years and with the investments we’ve made in our platform, sellers and audience, we are ready to take over,” said Lafontaine. “In partnership with our existing investors and CapitalG, we are armed with the capital needed to continue to grow and hire at the pace we need to maintain our position as the largest live stream platform in the United States.”
Whatnot’s live stream shopping captures the excitement of the in-person experience, allowing expert sellers in nearly every category to go live and auction off everything from popular pieces to high-value holy grails. The company began with collectibles like Funko Pops and Pokémon cards, and plans to expand to 20 categories by the end of 2021, becoming the go-to live shopping destination where nearly anyone can find a community that shares their passion.
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“Whatnot has cracked the code on making online shopping engaging and fun through their community-first approach to livestream shopping. Whatnot’s fusion of entertainment and commerce has created an incredible growth flywheel that accelerates growth on both sides of their marketplace. Shoppers spend hours each week engaged in the app’s content and community, while sellers achieve stronger monetization than is available on other channels. Whatnot has already demonstrated success across multiple categories, and we are thrilled to partner with Grant, Logan and the team on their journey,” said Laela Sturdy, General Partner at CapitalG.
As the platform has grown, thousands of new sellers have joined to share their passion with the Whatnot community. Adept curators and subject matter experts who seek out the most interesting and unique products in their chosen category, Whatnot sellers previously relied on in-person events and social platforms to sell off pieces to their audiences. With the magic of live streaming video, they can interact with their fans and buyers and get feedback in real time, all while making a meaningful income from the platform.
“I primarily built my audience through YouTube, showing off my thrift hauls and styling my fans, and this naturally led to opportunities to sell my favorite finds through platforms like DePop. However, I was finding the time and effort that goes into listing pieces online don’t necessarily translate when it comes to sales,” said Danielle “Twinelle” Rivera, a popular YouTube personality. “Since I’ve been going live on Whatnot, I’ve been making as much in an hour as I would make in a week on other platforms, and it’s a more fun and interactive experience for my community. I love chatting with them live while I show off and sell my favorite finds in real time. I’ve been telling all my friends – you have to get on Whatnot!”
