Sneaker Marketplace StockX To Cross $1B Mark With New Investor
Online sneaker resale marketplace StockX is in "advanced talks" to be valued at at least $1B in a new round of financing, according to Schleifer & Del Rey of RECODE. Sources said that DST Global, the venture firm run by Russian-American billionaire Yuri Milner, is "expected to lead the deal." The exact size of the financing round "couldn’t be learned." StockX is "planning to make some other major company announcements when it unveils the fundraising round, which is likely to be closed in the next few weeks." StockX launched in '16 and was founded by Cavaliers Owner Dan Gilbert, COO Greg Schwartz and CEO Josh Luber. StockX plays "matchmaker for sneakerheads looking for rare kicks and resellers looking to flip unworn, in-demand sneakers for a profit." The company has "benefited from the rising popularity of acquiring tough-to-buy sneakers, especially among millennial men and teenage boys" (RECODE.net, 4/19).