Livestream Shopping Platform Whatnot Raises $265 Million in Series E Funding

Livestream shopping platform Whatnot has closed a Series E funding round, securing $265 million in investment. The round, which values the company at $4.97 billion, signifies a major milestone for the platform and underscores the potential for growth in the U.S. livestream shopping market.

The funding reflects investors' confidence in Whatnot's ability to innovate, particularly in the collectibles and niche items space. The capital will be used to expand into new categories such as art, golf, and vinyl, as well as to develop new seller tools to support business growth. Additionally, Whatnot plans to launch in Australia next month and expand into other European markets later this year.

Founded in 2019 by Grant LaFontaine and Logan Head, Whatnot's platform caters to collectors and has evolved from focusing on sports trading cards, action figures, and memorabilia to including a wide range of items. The platform's unique features include 'sudden death' auctions and flash sales, along with a rewards tool for buyers.

Whatnot also announced its intention to conduct its first-ever tender offer to buy back up to $72 million worth of shares, reflecting its commitment to investing in its 600 full-time employees.

The Series E round was co-led by Avra, DST Global, and Greycroft, with participation from Andreessen Horowitz, CapitalG, BOND, Durable Capital Partners, and Y Combinator, bringing Whatnot's total funding to approximately $746 million. The platform also reported an annual gross merchandise value (GMV) of over $3 billion, following a previous report of exceeding $2 billion.