Live shopping marketplace Whatnot is planning to expand after raising $265 million.

The company’s Series E funding round, led by venture capital groups Greycroft, DST Global and Avra, brings Whatnot’s valuation to $4.97 billion, according to a Wednesday (Jan. 8) press release provided to PYMNTS.

Whatnot co-founder and CEO Grant LaFontaine said in the release that the capital will help Whatnot promote the mainstreaming of livestream selling.

“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,” LaFontaine said in the release. “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.”

Whatnot will use the financing to develop new seller tools, expand into new markets — in terms of categories and geographies — and invest in “trust and safety,” the release said.

Whatnot’s sellers are based in Austria, Belgium, Canada, Germany, France, the Netherlands, the United Kingdom and the United States, according to the release. The company plans to launch in Australia in February.

“Whatnot is pioneering a new, dynamic shopping experience — one that is more authentic, fun, social and effective,” Marcie Vu, partner at Greycroft, wrote in a portfolio spotlight on the Greycroft website. “Sellers grow businesses around their passions, while millions of buyers come to the platform to connect with these sellers — swapping stories, learning about items, sharing real-time feedback, and engaging with like-minded enthusiasts.

The company hosts more than 175,000 hours of livestreams each week, and daily viewers are engaged for an average of 80 minutes per day, per the spotlight. There are over 140 categories, from collectibles to women’s fashion.

The number of new sellers and first-time buyers doubled over the last year, and sales volume more than doubled, the press release said.

Whatnot’s funding round came as rival TikTok faces a ban in the U.S. that could send its sellers to competitors. The U.S. Supreme Court is set to hear arguments on the ban later this week.

Live shopping has gained traction in the U.S. and could account for over 5% of U.S. eCommerce by 2026. Bellamy Grindl, founder of retail consulting company Retailytics, told PYMNTS this month that “brands must prioritize authenticity, compelling storytelling and human connection” for live shopping to thrive.