GOAT, an eCommerce sneaker and apparel marketplace, wrapped up a $195 million Series F funding round. The firm achieved a $3.7 billion valuation with the round, more than doubling the $1.8 billion valuation it attained after its Series E round unveiled in September 2020, according to a Thursday (June 24) announcement.
GOAT will harness the infusion to continue to invest in growth in its sneaker operation in addition to its apparel/accessories verticals, while also bolstering its global footprint of 13 facilities with the addition of Singapore, Japan, China and Chicago.
Moreover, the firm plans to invest further in its “technology and brand” as it keeps its concentration on “providing a trusted end-to-end experience to its 30 million members and 600,000 sellers,” according to the announcement.
As of its establishment in 2015, GOAT has evolved into the “the leading and most trusted sneaker marketplace in the world,” according to the announcement. It has also grown to provide clothing and accessories from certain “emerging, contemporary and iconic brands.”
“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 Co-Founder and Chief Executive Officer Eddy Lu said in the announcement.
The news comes as GOAT landed $100 million in a Series E funding round, as PYMNTS reported in September 2020.
Sneaker culture has become more prominent in recent times as young consumers seek out uncommon shoe models through the web, paying hundreds or thousands of dollars for these products at times.
GOAT and StockX are some of the prominent new firms arising because of the trend.
Research firm Cowen estimated in July 2020 that the luxury sneaker market has a value of over $2 billion in North America and could be valued at $30 billion globally by 2030.