Sneaker site StockX valued at $2.8 billion in new funding roun
a fast-growing web destination of hard-to-find sneakers — said Wednesday it had raised $275 million in a new funding round that values the company at $2.8 billion.
The latter figure, which includes the value of the fresh pile of cash, follows an exclusive report by The Post on Dec. 7, which said the company was looking to raise about $250 million at a valuation of $2.5 billion.
The fast growing auction house has more than doubled its valuation from its January 2019 last major fund-raising round that valued it at a little over $1 billion.
The Detroit-based company is currently planning to file for an initial public offering in mid-2021, according to sources close to the situation. Proceeds are expected to fuel growth in Asia for the site, which assigns ticker symbols to sneakers in a scrolling feed that displays bids, offers and green and red arrows to show how prices are moving.
Cleveland Cavaliers Owner Dan Gilbert is a cofounder and rapper Eminem is an early investor.
StockX, which authenticates all the sneakers it resells, charges a 9 to 14 percent commission on transactions.
While many of the sneakers on the site are being offered for resale after being snatched up in limited edition sales, most have never been worn. The pandemic has helped the business as it is harder now to shop at stores for sneakers, executives have said.
The average sale on the site is about $230, according to an investor presentation reviewed by The Post.
Despite its growth, it still projects losing $56 million this year, according to its presentation.