StockX has just announced its $275 million USD Series E funding, after which the company’s valuation will climb to roughly $2.8 billion USD.
The fashion trading platform says that it intends to use the new funding to further its global expansion as well as product development efforts, but rumors suggest that the financing is in preparation for an initial public offering as early as next year. So far, the company has raised $490 million USD in total.
“The quality of investors joining us is a clear signal that the market recognizes that there is incredible opportunity in e-commerce for current culture products and StockX is best positioned to meet consumer demand for those products,” StockX CEO Scott Cutler wrote in a statement. “I’m thrilled to welcome our new partners to the team — their collective expertise will be invaluable as we continue to build on the momentum from the last year, and drive the growth to cement StockX’s position as the global marketplace leader.”
In other business-related news, Kering is currently under investigation for tax fraud by French authorities.