Shopping platform with live broadcast Whatnot raised $265 million at a valuation of nearly $5 billion in a round led by Greycroft, Global summer time AND Avra.
What not, a competitor for TikTok Shop is an online marketplace where people should purchase and sell collectibles reminiscent of trading cards and toys via live video auctions. Its latest funding comes from: prohibition or compulsory disposal With ByteDanceSelf-owned TikTok launches in US
Andreessen Horowitz, Partners of the Lightspeed enterprise, Y Combinator and other investors also participated in Series E financing for Marina Del Rey, California-based Whatnot, which has now raised a total of $749.7 million. via Crunchbase.
Founded in 2019, the startup says greater than $3 billion value of products were sold on its platform last yr. The social selling platform allows sellers to host live video auctions where they showcase items for sale in real time, directly engage with potential buyers via chat, and facilitate fast in-app bidding.
“The opportunities that live and social commerce can bring to sellers and seller businesses are enormous” – Whatnot co-founder and CEO Grant LaFontaine he said Bloomberg. “It’s going to be one of those things that changes every kind of category and part of retail.”
The company currently operates in the US, UK and Europe and says it would use the latest funding to develop latest tools for sellers and expand into latest markets and geographies. He plans to compete in Australia next month.
“Whatnot has ushered in a powerful shift in the way people shop – first live, video, social and mobile. The company has built a multi-category platform that can support approximately $7 trillion in retail sales in the U.S. alone.” Marta WuWhatnot board observer and partner at Greycroft said in a statement.