Whatnot, the largest marketplace focused on live shopping in the U.S., UK, and Europe, announced $265 million in Series E funding, co-led by Greycroft, DST Global, and Avra. Also joining are Greycroft and Avra, who are new investors. It also included Lightspeed Venture Partners and Durable Capital Partners, who participated in the round alongside returning investors Andreessen Horowitz (a16z), CapitalG, BOND, and Y Combinator. This investment brings Whatnot’s valuation to $4.97 billion. Since its founding, Whatnot has raised approximately $746 million.

Whatnot has appealed to investors due to its rapid growth, significant scale, and unique platform combining community and commerce. Last year alone, Whatnot saw its annual gross merchandise value (GMV) for livestream sales surpassing $3 billion. Whatnot reached this milestone as new users flocked to the marketplace, and the number of new sellers and first-time buyers doubled over the last year. Accordingly, Whatnot’s sales volume increased by more than 2x in 2024.

During a time of significant growth in live shopping, Whatnot will use the funding to make strategic investments in its customer experience, including developing seller tools, new market expansion(both categories and geographies), and a commitment to trust and safety. Along with the funding round, Whatnot plans to launch its first-ever tender offer to buy back up to $72 million worth of shares. This buyback highlights Whatnot’s commitment to invest in its employees worldwide.

The Series E comes on the heels of several years of significant growth for Whatnot. For example, the company expanded across North America and Europe, now serving Canada, the U.K., France, Germany, Austria, The Netherlands, and Belgium, with plans to launch in Australia next month. Over two-thirds of sellers (66%) on the platform earn over $10,000 a month, while one in three employ more than six people to support their businesses.

What makes the shopping experience on Whatnot appealing is its entertaining and community-driven format,t with buyers quickly discovering the products they love – from sneakers and vintage fashion to sports cards, collectibles, electronics, live plants, etc. at affordable prices.

 KEY QUOTES:

“We believe there’s a better way to shop online, and it starts with creating a platform where sellers can grow thriving businesses around the things they care about most. We’ve proven this leads to the happiest experience for consumers and sellers alike. As we look ahead, we’ll offer even more ways for sellers to cultivate their communities and for buyers to shop and socialize. This capital will help us pave the way for mainstream adoption of livestream selling, and we’re grateful to welcome many new partners to the Whatnot family who share our vision that the future of shopping is live.”

– Grant LaFontaine, co-founder and CEO of Whatnot

“Whatnot has tapped into a powerful shift in the way people shop – live, video, social, and mobile-first. The company has built a multi-category platform that can address all of retail, approximately $7 trillion in the United States alone. We’re proud to support Whatnot’s exceptional team as they seek to impact many more consumers and sellers globally.”

– Marcie Vu, Whatnot board observer and Partner at Greycroft

“We’ve partnered with Whatnot since its early days, and it continues to be one of the fastest-growing marketplaces we’ve ever seen. Their consistent innovation and commitment to exceptional buyer and seller experiences have enabled them to become a truly remarkable company.”

– Laela Sturdy, Whatnot board member and Managing Partner at Alphabet independent growth fund CapitalG