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Livestream Shopping Platform Whatnot Reaches $4B Valuation Mark

Livestream Shopping Platform Whatnot Reaches $4B Valuation Mark

Livestream Shopping Platform Whatnot Reaches $4B Valuation Mark

Livestream shopping startup Whatnot has raised $260 million in a Series D funding round at a valuation of $3.7 billion.

The funding round was led by Alphabet’s Capital G growth fund and DST Global and supported by Andreessen Horowitz and YC Continuity.

The company plans to use the funding to expand into new categories for collectors and enthusiasts, such as stamps, action figures and die-cast cars.

The three-year-old platform has seen its revenue increase by 20 times year-over-year, with monthly sales tripling in 2022. Just ten months ago, the company was valued at $1.5 billion when it raised $150 million during its Series C funding.

“This last year has been one of fast-paced growth largely attributed to the powerful community our platform is fostering,” said co-founder and CEO Grant Lafontaine. “It’s been incredible to see how our app cultivates connections between people with shared hobbies, keeping them tuned in to our entertaining live streams even if they aren’t buying and providing a hub for anyone to browse and discover new interests. Building on this momentum, we have our sights set on expanding into more categories and creating new experiences for people with all types of passions and hobbies.”

Whatnot is far from the only platform seeking to cash in on consumers’ interest in shopping through livestream channels. YouTube, for example, has been focussing on developing features for content creators that enable them to sell products more easily via livestreams. Similarly, TikTok was testing livestream shopping in the U.S., but the company has since scaled back the initiative after its efforts proved to be largely unsuccessful.

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