GOAT Group is enjoying the financial windfall of a successful Series F funding round that raised $195 million USD and ballooned the company’s valuation to a staggering $3.7 billion USD, more than double its previous valuation. The company’s online-based model that provides rare sneakers, streetwear and accessories attracted interest from noted investors like T. Rowe Price, Franklin Templeton and others — and GOAT plans on using the funds to increase its “international geographic footprint.”
In layman’s terms, what this means is that GOAT is going to use its fresh infusion of capital to open new facility in Chicago, Japan, China and Singapore. As GOAT is a global peer-to-peer marketplace that ships goods all over the world, these new facilities will enable it to cut down on product processing and authentication times, thereby increasing the loyalty and satisfaction of its buyers and sellers.
The money raised also acknowledges GOAT’s strong performance in recent months and how it weathered the storm that was 2020. Since June of 2020, GOAT has put forth a whopping $2 billion USD of gross merchandise value and seen 100% growth in its sneaker business plus 500% growth in its apparel business. It also boasts a strong brick and mortar presence thanks to its partnership with Flight Club.
“GOAT is creating a leading, highly differentiated luxury and lifestyle brand that is uniquely positioned at the intersection of the primary and resale markets, enabling us to increase our share of a large and expanding total addressable market in our core sneakers business and newer verticals,” said Eddy Lu, GOAT Group’s CEO and co-founder.
For more footwear-releated news, check out the inspirations behind Virgil Abloh’s 21 Louis Vuitton Air Force 1 collaborations.