Independent live shopping platform Whatnot announced Thursday (July 21) that it has raised $260 million in a Series D round co-led by DST Global and CapitalG.
The round also saw participation from BOND and returning investors Andreessen Horowitz and YC Continuity. Whatnot said it will use the money to keep investing in its in-app live and social commentary platform, with plans to launch additional categories for collectors and enthusiasts.
Whatnot’s services include providing live shopping experiences for collectibles, including sneakers, trading cards, rare toys and other such things. The new funding will help it “double down” and add more specific categories.
The release said Whatnot has seen its sales grow 20 times year over year as of 2021. Having more than tripled its monthly sales this year, the company said it wants to keep hiring in sales, marketing and engineering.
“This last year has been one of fast-paced growth largely attributed to the powerful community our platform is fostering,” said CEO and co-founder Grant Lafontaine. “It’s been incredible to see how our app cultivates connections between people with shared hobbies, keeping them tuned in to our entertaining live streams even if they aren’t buying and providing a hub for anyone to browse and discover new interests.
“Building on this momentum, we have our sights set on expanding into more categories and creating new experiences for people with all types of passions and hobbies.”
This comes as other companies, including big names like Amazon, are looking at adding live shopping capabilities. PYMNTS wrote that Amazon Vice President of Advertising Wayne Purboo has said livestream shopping is “the future of retail.”
See also: Amazon Lures Influencers to Fire Up Livestream Shopping in US
Per the report, Chinese shoppers have been using live eCommerce quite frequently, but U.S. customers haven’t caught on as much. Without a dominant livestream shopping force in the U.S., Amazon is reportedly looking to take the lead and fend off competition from TikTok, Instagram and Whatnot.
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