Ebay 2.0? Whatnot's $50M Bid To Take Auction Excitement to Livestream Video

Francesca Billington

Francesca Billington is a freelance reporter. Prior to that, she was a general assignment reporter for dot.LA and has also reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. She graduated from Princeton in 2019 with a degree in anthropology.

Ebay 2.0? Whatnot's $50M Bid To Take Auction Excitement to Livestream Video
Photo by Thimo Pedersen on Unsplash

A few years ago, you went to eBay to bid on limited edition sports cards or out-of-print comic books. Then, livestreaming came to town.

Two weeks ago, one Pokemon collector dropped $17,500 on a Skyridge Charizard Holo card during a broadcasted event streamed live on Whatnot.


What began as a social app for collectors to swap stories and photos has ballooned into a digital stage for live auctions and unboxing videos. Since January, the Los Angeles tech startup has hired some 40 employees and leased a 10,000 square-foot office space in the Marina Arts District.

And on Tuesday — just a few months since its last big boost — the startup closed a $50 million Series B round.

Whatnot app Whatnot recently closed a $50 million Series B round.

"It's probably one of the fastest growing marketplaces we've ever seen," said Y Combinator's Anu Hariharan, who led the round.

It's been over a year since consumers moved online in droves and investors are still sinking millions into retail technology —livestream shopping especially.

L.A.-based Popshop Live was valued at $100 million last fall after an investor bidding war to lead its Series A. Talkshoplive, which hosts celebrities livestreaming about their memoirs and latest albums, scored seed capital in February from a venture firm backed by eBay's founder.

Pokemon  1st Edition Shining Charizard card

One Pokemon collector dropped $17,500 on a 1st Edition Shining Charizard card during a broadcasted event streamed live on Whatnot.

What gives? Hariharan said U.S. ecommerce has only embraced video in the last three to five years, and now it's everywhere. Even retailers like Home Depot introduced livestream demos and workshops during the pandemic.

Grant Lafontaine, the CEO and co-founder of Whatnot, brought the technology to a niche, well-connected community of online shoppers. He founded the company in 2019 with Logan Head, a former product manager at the online sneaker marketplace GOAT.

Their users are 18 to 32-year-old collectors who spend hours browsing eBay listings but crave something more interactive.

"They're on eBay because they're buying the collectibles, they're on Instagram to show them off," Lafontaine said. "They come to Whatnot because they can do both."

The company got its start as a social platform and marketplace — sans video livestreaming. That function came later, after a steady pool of users made checking Whatnot a daily habit.

"I was the first person to go live," Lafontaine said. "I sold out $5,000 worth of collectibles in two-and-a-half hours. The experience kind of spoke for itself. Anyone who saw it wanted to use it."

Other investors include Andreessen Horowitz, Animal Capital, musicians Ryan Tedder and DJ Skee with Min 10 and NFL players DeAndre Hopkins, Bobby Wagner and Jeremy Padawer. The company has raised $75 million to date.

Whatnot now boasts 15 categories of collectibles, from FunkoPops to sports cards (the most popular category on the app) to a few newer experimental verticals like vintage clothing. Within the next year, Lafontaine said he hopes to hit 30.

"For a young startup, it's always important to start with one or two categories, not with everything," said Hariharan. "What Whatnot has done really well in collectives will help them scale pretty much any product."

The app, she said, is on its way to becoming "eBay 2.0."

A previous version of this story stated Whatnot closed a $40 million Series B Round. The correct amount is $50 million.

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Regard Raises $15M for AI-Powered Software That Help Doctors Diagnose Patients

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern 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.

Regard Raises $15M for AI-Powered Software That Help Doctors Diagnose Patients
Courtesy of Regard

Culver City-based health care startup Regard, which uses AI-driven software to help physicians accurately diagnose patients, has raised $15.3 million in Series A funding.

Pasadena-based Calibrate Ventures and Colorado-based Foundry Group led the investment in Regard, formerly known as HealthTensor. Other investors that participated in the round include TenOneTen Ventures, Susa Ventures, Brook Byers of Byers Capital and Dropbox CEO Drew Houston. The new funding will be used to grow Regard’s team and customer base, the company said in a press release.

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This Week in 'Raises': Regard Secures $15M, MaC Venture Capital Raises $203M for Second Fund

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern 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.

This Week in 'Raises': Regard Secures $15M, MaC Venture Capital Raises $203M for Second Fund
Image by Joshua Letona

This week in “Raises”: A local healthcare startup secured funding to help grow the team and deploy its software to more physicians and hospitals, while Black-led, seed-stage venture capital firm surpassed its goal for its second fund.

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Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

How Braid Theory Plans to Build the Blue Economy from the Port of LA
Photo courtesy of the Port of Los Angeles.

San Pedro-based Braid Theory is one of the growing number of accelerators in the country looking to grow the so-called blue economy, which spans a range of ocean-related industries and is estimated at $2.5 trillion a year.

The accelerator is accepting online applications until July 18, with its second-ever program kicking off in August.

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