The California-based marketplace has raised $195 million in a Series F investment round and according to Goat Group this raises its valuation to $3.7 billion, more than double its $1.8 billion valuation in Sept. 2020.
Other notable figures from the press release:
- Gross merchandise value of $2 billion over the previous year.
- 100% increase year-on-year in sneakers GMV.
- 500% increase y-on-y in apparel GMV.
Goat Group’s co-founder and CEO, Eddy Lu, credits the growth to its technology and, “the premier customer experience we deliver, which resonates with younger consumers around the world.”
In an interview with the Wall Street Journal, Lu said the company has paid close attention to its young customer base, 80% of whom are millennials and GenZ, when expanding from sneakers into luxury streetwear apparel. Lu is quoted saying, “We care about authenticity, and that’s why we don’t create all of these verticals. We have a point of view on fashion, culture and style.”
Unlike StockX, another streetwear-focused resale marketplace, Goat is not an exclusively resale platform. Since 2019 it has partnered with brands like Gucci, Alexander McQueen, and Stussy to list their items in its apparel and accessories categories.
Founded in 2015, Goat has since raised a total of $493 million in funding. This latest round was led by Park West Asset Management and advised by T. Rowe Price Associates Inc, Franklin Templeton, Adage Capital Management and Ulysses Management.
In its announcement Goat said it plans to use this investment to continue its current growth and to add verification facilities in Chicago, Singapore, Japan, and China.
Goat’s valuation continues the trend of fashion resale marketplaces reporting IPO’s, investments, and acquisitions. The trend began before the pandemic and was accelerated by lockdown shopping. General fashion resale marketplace ThredUp has recently released its 2021 Resale Report which projects the secondhand market will grow to $77 billion in the next five years.