Mo Money….Mo Money….Mo Money!
On Wednesday, StockX — Detroit-based startup and “stock market of things” — announced that it has raised $44 million in Series B funding. Among its new investors are Karlie Kloss, as well as DJ Steve Aoki and Don C, a streetwear designer closely affiliated with Kanye West and Virgil Aboh.
StockX plans to put its funding towards growing its network of authentication centers and expanding its range of product categories. Currently, StockX’s marketplace offers designer-name handbags, luxury watches, sneakers and streetwear, which launched last year exclusively with Supreme product, but has since grown to include A Bathing Ape, Kith and Palace.
“There is a huge opportunity for StockX to continue to diversify and scale its products with the efficiency and transparency that have become hallmarks of the company’s marketplace,” said Joe Kraus, general partner at GV, which co-led the round of funding alongside Battery Ventures. “Between StockX’s rapid development and the founding team’s ability to create a high-growth enterprise, the company is well-positioned to have a meaningful impact on the market for sought-after consumer products.”
Since launching in 2016, StockX has grown exponentially to a team of 400-plus employees, seeing more than $2 million worth of transactions every day. According to the company, its latest funding is the largest round ever in Detroit’s startup history.
StockX’s news also reflects the streetwear industry at large — which is increasingly infiltrating the fashion space — as it joins a number of similarly-affiliated startups that luxury investors are continuing to pour money into: Earlier this year in January, Highsnobiety raised $8.5 million in funding in first-ever financing round. Over the summer, Grailed closed an investment round totaling $15 million. And, of course, let’s not forget Supreme’s $500 million deal with private equity firm The Carlyle Group for a 50 percent stake in the company.