Sneaker stock market, StockX, has officially closed on a $110 million Series C funding round from DST Global, General Atlantic, and GGV Capital. The deal means that the Detroit-based online marketplace is now valued at over $1 billion. It is the largest raise in Michigan Venture Capital history.
The deal also brings forth a new CEO for the company, former eBay Inc. senior vice president and StubHub president Scott Cutler. Cutler will supplant co-founder and former CEO Josh Luber, who will still serve on the company's executive leadership team and board of directors.
"Scott [Cutler] and I met just two days after StockX went live," said Luber in an official press release. "His extraordinary background mirrors the unique business model we have built at StockX. He understood the power of a ‘stock market of things’ and quickly became a friend and trusted advisor. Over the three years that followed, as the business scaled rapidly, Greg [Schwartz, StockX co-founder and COO] and I had the idea that Scott might one day be the perfect CEO to take us to the next level. Then the stars aligned -- the growth continued, we added three world-class investors to our team, and Scott became available. We weren't looking for a new CEO, but this was a no-brainer."
According to an official press release, the new round of funding will be utilized by StockX to expand its growth internationally, specifically in Europe and Asia, diversify its product categories, and open up more brick-and-mortar locations in major cities across the globe.
"I have known the company and the management team since the beginning and have been impressed by its unique market model in e-commerce and dramatic growth. StockX is revolutionizing e-commerce," said Cutler. "That is why the company is one of the fastest growing technology companies in the world with a rapidly expanding global user base comprised of passionate enthusiasts; it is what sets StockX apart and why I welcome the opportunity to lead the team as we look to what's next—extending the reach of the platform and broadening its offering to provide more users with access to an authentic, transparent, anonymous marketplace."