The valuation is tied to the company closing its third investment round of 2021, through which it brought in $150 million. That round brings its total funding raised so far this year to $220 million.
“Whatnot’s fusion of entertainment and commerce has created an incredible growth flywheel that accelerates growth on both sides of their marketplace,” Laela Sturdy, general partner at CapitalG, the venture arm of Alphabet Inc., which contributed to the Series C raise, said in a statement. “Shoppers spend hours each week engaged in the app’s content and community while sellers achieve stronger monetization than is available on other channels.”
The funding round also included investor participation from Menlo Park-based Andreessen Horowitz and Mountain View-based Y Combinator Continuity, as well as individual angel investors such as New Orleans Pelicans power forward Zion Williamson, Golden State Warriors swingman Andre Iguodala and social media personality and boxer Logan Paul.
“The race to ‘win’ livestream shopping in the U.S. 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,” Grant LaFontaine, chief executive of Whatnot, said in a statement. “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 livestream platform in the United States.”
Founded in in 2019 by Lafontaine and Logan Head, Whatnot’s marketplace includes items like trading cards and vinyl figurines.
The company’s most popular category is sports cards, which launched in 2021 and has brought “millions of dollars” in monthly revenue, according to the company.
Since May, the company has added categories such as vintage fashion and sneakers.
