StockX, the world’s first “stock market of things,” announced that it has closed on a $110 million Series C funding round, leading it past a $1 billion annual GMV run rate in less than three years.
The funding round was led by investment firms DST Global, General Atlantic, and GGV Capital. StockX plans to use the investment to expand its international growth in both the European and Asian markets. In addition, the company will be able to diversify its product categories and extend its reach to brick-and-mortar locations. StockX currently has customers in nearly 200 countries and millions of active users.
“GGV Capital has long seen the value of investing in eCommerce disruptors, and StockX is no exception. It is more than a marketplace; the platform’s unique model is truly changing the way consumers engage in the purchasing process and has global growth potential,” said Hans Tung, managing partner at GGV Capital, who also joined StockX’s board of directors as part of the transaction. “StockX has already seen incredible growth internationally, but what we are most excited about is the opportunity to continue to scale the company globally and provide unprecedented access to consumer goods for users across the world.”
The company also announced that Scott Cutler is its CEO, immediately succeeding co-founder Josh Luber, who will continue to serve on the executive leadership team and board of directors.
Cutler joins StockX from eBay, where he most recently served as senior vice president of the Americas. From 2015 to 2017, he was president of StubHub — and before that, Cutler was an executive vice president at the New York Stock Exchange, where he oversaw over $1 trillion in capital market financings and led some of the largest technology IPOs, including LinkedIn, Twitter, and Alibaba. He will also join StockX’s board of directors along with GGV’s Hans Tung.
“I have known the company and the management team since the beginning and have been impressed by its unique market model in eCommerce and dramatic growth. StockX is revolutionizing eCommerce,” said Scott 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.”