Goat Group valuation more than doubles to 3.7 billion dollars

The valuation of Goat Group, the parent company of US sneaker and apparel marketplace Goat, has more than doubled following a completion of a new 195 million dollar financing round.

The Series F funding round drove the valuation of the LA-based company up to 3.7 billion dollars from the 1.8 billion dollars it had been valued finally September in a previous funding round.

Founded in 2015 as a platform exclusively for sneakers, Goat has since expanded into other categories including apparel and accessories, now has around 30 million members and 600,000 sellers.

During the past 12 months, the business achieved gross merchandise value (GMV) of 2 billion dollars, with GMV of sneakers up over completely, and apparel up 500 percent.

Goat at ‘intersection of primary and resale markets’
Goat said this latest financing, which was led by Park West Asset Management, will be utilized to purchase growth in its sneaker business and its own apparel and accessories verticals.

It will also utilize the money to improve its global footprint of 13 facilities by adding types in Chicago, China, Japan and Singapore.

As a marketplace that sells both second-hand items and services directly from brands, the business is “uniquely positioned at the intersection of the primary and resale markets”, putting it in an excellent position for continued growth, according to Goat co-founder and CEO Eddy Lu.

“Goat growth is accelerating across every channel and category as a result of powerful global technology platform we have developed and the premier customer experience we deliver, which resonates with younger consumers all over the world,” Lu in a release.