StockX’s stock just went up…literally, and you could possibly get a piece of it very soon.
Online marketplace StockX where you can cop anything from classic Jordans, designer clothing, and PS5 consoles, just announced its $275 million Series E funding, which will now push the company’s value to about $2.8 billion.
Hypebeast reports that the company intends to use its new funding to expand further its global reach and new “product development efforts.” But, there are whispers that StockX’s new financing is helping the company prepare to go public.
StockX’s CEO, Scott Cutler, spoke on the company’s new partners adding in a statement:
“The quality of investors joining us is a clear signal that the market recognizes that there is an incredible opportunity in e-commerce for current culture products and StockX is best positioned to meet consumer demand for those products. I’m thrilled to welcome our new partners to the team — their collective expertise will be invaluable as we continue to build on the momentum from the last year and drive the growth to cement StockX’s position as the global marketplace leader.”
This is big news for the company that suffered a massive hack back in 2019 that saw about 6.8 million of its user’s sensitive information stolen, with some reporting fraudulent purchases being made on their StockX accounts. We hope they use some of that money to secure their website to make sure that doesn’t happen again.
Photo: Cody Glenn / Getty
Online Marketplace StockX Valued At $2.8B After Receiving $275M Series E Funding was originally published on hiphopwired.com