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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Genies Wants To Help Creators Build ‘Avatar Ecosystems’

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”

The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.

Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

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Here's What To Expect At LA Tech Week

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Here's What To Expect At LA Tech Week

LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.

From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

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INDIEV Teams Up With Foxconn To Launch Electric SUVs

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

INDIEV Teams Up With Foxconn To Launch Electric SUVs
Photo Courtesy of IndiEV

INDIEV, a startup based in Vernon, announced this week it will partner with Taiwanese tech conglomerate Foxconn to build its first prototypes of its upcoming electric SUV, nicknamed the INDI One.

The debut makes it the seventh consumer electric vehicle company to enter Los Angeles’s crowded cohort of green carmakers.

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