GOAT Will Expand Its Sneaker Marketplace into Asia with a $195M Boost

Sarah Favot

Favot is an award-winning journalist and adjunct instructor at USC's Annenberg School for Communication and Journalism. She previously was an investigative and data reporter at national education news site The 74 and local news site LA School Report. She's also worked at the Los Angeles Daily News. She was a Livingston Award finalist in 2011 and holds a Master's degree in journalism from Boston University and BA from the University of Windsor in Ontario, Canada.

GOAT Will Expand Its Sneaker Marketplace into Asia with a $195M Boost
Photo by Warren Jones on Unsplash

GOAT, an online marketplace for sneakerheads, has raised $195 million in a late-stage funding round, more than doubling its valuation to $3.7 billion, the company announced Thursday.


In September, the Los Angeles-based startup was valued at $1.8 billion following its Series E round when it raised $100 million.

The new financing was led by Park West Asset Management, funds and accounts advised by T. Rowe Price Associates, Inc., Franklin Templeton, Adage Capital Management and Ulysses Management.

Launched in 2015 by college friends to "authenticate" used AirJordans and other collectible shoes, GOAT is positioning itself to be a global luxury shoe and apparel retailer. The company said it sold $2 billion in merchandise on its platform last year and that its sneaker sales doubled compared to the previous year.

GOAT said it will use the new funds to further invest in its sneaker business as well as its growing apparel and accessories verticals and to expand into Chicago, China, Japan and Singapore this year. It has 13 fulfillment facilities globally.

"GOAT's growth is accelerating across every channel and category due to the powerful global technology platform we have developed and the premier customer experience we deliver, which resonates with younger consumers around the world," Eddy Lu, co-founder and GOAT Group CEO, said in a statement. "GOAT is creating a leading, highly differentiated luxury and lifestyle brand that is uniquely positioned at the intersection of the primary and resale markets, enabling us to increase our share of a large and expanding total addressable market in our core sneakers business and newer verticals."

As the popularity of streetwear culture has grown, GOAT has become known as a platform where you can buy hard-to-find, authentic sneakers.

The sneaker and streetwear resale market is estimated to be worth more than $2 billion in North America, according to Cowen, and could grow to $30 billion globally by 2030.

The company, which takes its name from the sports acronym for "Greatest of All Time," expanded its online store in 2019 to include new clothes and accessories from luxury brands such as Alexander McQueen and Versace.

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LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Raises
Image by Joshua Letona

A local space robotics startup raised fresh funding to expand the flight model manufacturing facilities throughout the U.S. and increase employment, while a remote litigation platform raised more funding to continue growing its footprint in new markets across the country, develop service channels for its clients and continue expanding its tech team.

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Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Gitai Raises $30 Million to Expand Manufacturing Footprint in Los Angeles
\u200bPhoto: Gitai

Space robotics company Gitai raised a $30 million Series B extension this week, bringing the total value of the round to roughly $47 million.

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