Online collectible sneaker reseller Goat raised a $25 million round led by venture capital firm Accel.
The company’s app facilitates collectible sneaker sales for so-called Sneakerheads. Before the sneakers, which can retail for hundreds of dollars, are listed on the app they are sent to the company for inspection for possible damage or counterfeiting. Goat is an anonym for “Greatest of All Time,” a phrase used by sports fans to describe top athletes.
The company’s funding will be used to accelerate its planned push for domestic and international revenue growth. Goat anticipates hiring employees for engineering, operations, product, and marketing roles to support its expansion initiatives. The company also plans to open additional facilities to improve operations and logistics.
Goat has raised a total of $37.6 million in venture funding since being founded in 2015. Its $25 million round was also raised from existing investors Matrix Partners, Upfront Ventures, and Webb Investment Network. Ryan Sweeney, general partner at Accel, will join Goat’s board of directors.
Technology reporter Garrett Reim can be reached at email@example.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.
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