Sneaker, apparel and accessories marketplace, GOAT, has raised $195 million in a Series F investment round led by Park West Asset Management.
The latest funding round has raised the six-year-old company’s valuation to $3.7 billion, which is more than twice the $1.8 billion valuation it reached in September 2020 after its Series E round.
The company’s latest investment round follows rapid growth across its product portfolio. GOAT’s gross merchandise value (GMV) has reached $2 billion in the last 12 months, with the company recording a 100 percent growth in the sneakers category, as well as a 500 percent growth in the apparel category. GOAT, which first made its name as a sneaker resale platform, began selling clothing and apparel in 2019.
“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,” GOAT Group’s co-founder and CEO Eddy Lu 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.”
The company plans to use its Series F funding to grow its business across the three product verticals it specializes in and increase its footprint with the addition of 13 facilities in key markets such as Chicago, China, Japan and Singapore.
GOAT currently has 30 million customers and its platform supports 600,000 sellers.