This livestream shopping platform specialized in trading collectibles (cards, comics, and sneakers) has achieved a significant milestone by securing $265 million in its Series E funding round. This latest investment elevates the company’s valuation to an impressive $4.97 billion, underlining the growing potential of livestream shopping in the U.S. market.
Whatnot is a unicorn that was built on the idea of bringing people together through eCommerce and helping sellers make money doing what they love.
Whatnot defines theirselves as a social marketplace where you can buy your favorites products or, if you are a seller, a place where you can make your businnes grow.
The fact that it is “social” allows you to interact with other buyers and even the sellers during the process, as it is a liveshopping format where you can buy the items live. In this way, the host running the live can create a bond with the viewers, thus strengthening the customer base.
Founded in 2019 by Grant LaFontaine and Logan Head, Whatnot has carved a niche by catering to collectors. While competitors like TikTok Shop often target fashion or beauty products, Whatnot focuses on items such as sports trading cards, memorabilia, and collectibles. Over time, the platform has expanded to include categories like electronics, clothing, and even live plants.
When you log in to Whatnot you have to choose to be a seller or a buyer.
After that, you can browse through the different categories, view the different streams and join one of them. During the live stream you can buy the items immediately or through an auction system. In addition, you can access the “Sold” and “Puchased” sections where you will see the products you missed. You can access via web or app, as they have for iOs and Android devices.
They also have a specific section for sellers where they explain different aspects to start selling on the platform.
These are the categories you can find at Whatnot:
Some of the keys to Whatnot’s success are its unique selling features. The platform’s “sudden death” auctions ensure the last bidder wins, creating an engaging and competitive experience for buyers. Recent innovations include flash sales, which allow for time-sensitive discounts during live streams, fostering a sense of urgency with a countdown timer. Additionally, a rewards system introduced last year enables buyers to earn perks through achievements, enhancing customer loyalty.
The new funding will enable Whatnot to expand its operations and diversify into new categories, including art, golf, and vinyl records, targeting an even broader audience. A portion of the capital will also support the development of advanced seller tools aimed at helping vendors streamline inventory management and order processing. This investment reflects the confidence of major players like Avra, DST Global, and Greycroft, who co-led the round.
Whatnot has plans to launch in Australia next month and expand into Europe later this year. Currently, Whatnot is available in the U.S., the U.K., Canada, France, Germany, Austria, The Netherlands, and Belgium.
Whatnot has also announced its first-ever tender offer, allocating $72 million to buy back shares. This move reflects the company’s commitment to its 600 full-time employees by demonstrating financial stability and prioritizing workforce investment.
The round was backed by prominent investors like Andreessen Horowitz (a16z), CapitalG, and Y Combinator, Whatnot has raised approximately $746 million to date. This funding momentum, paired with the platform’s innovative approach to collector-driven commerce, positions Whatnot as a trailblazer in the rapidly evolving world of livestream shopping.
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