Sneaker marketplace GOAT Group hits $3.7bn valuation

GOAT Group, a US-based fashion marketplace, has hit a $3.7 billion valuation after raising $195 million in a Series F funding round.

The LA-based retailer said it will use the capital to invest in its core sneaker business, as well as its apparel and accessories verticals.

The company, founded in 2009, also said it intends to add locations in Chicago, Japan, and Singapore, and to make “significant investments” in its technology.
GOAT claims to serve 30 million customers in 170 countries, and its competitors include eBay and StockX.

The retailer’s gross merchandise value (GMV), the total volume of goods sold, hit over $2 billion for the past year as sales of sneakers and apparel performed strongly during global lockdowns.

The valuation represents almost double the $1.8 billion GOAT reached in its Series E funding round led by D1 Capital Partners in September 2020.

The round was led by Park West Asset Management, funds and accounts advised by T. Rowe Price Associates, Inc., Franklin Templeton, Adage Capital Management and Ulysses Management.

The latest round brings GOAT’s total funding raised to date to $500 million.
“GOAT’s growth is accelerating across every channel and category due to the powerful global technology platform we have developed and the premier customer experience we deliver, which resonates with younger consumers around the world,” said Eddy Lu, co-Founder and chief executive at GOAT. “GOAT is creating a leading, highly differentiated luxury and lifestyle brand that is uniquely positioned at the intersection of the primary and resale markets, enabling us to increase our share of a large and expanding total addressable market in our core sneakers business and newer verticals.”

Tyras Bookman, portfolio manager at Park West Asset Management, said: "We are delighted to be investing in GOAT. We are excited by its distinct value proposition to customers. GOAT's combination of premier e-commerce and brick-and-mortar assets, which include the iconic GOAT and Flight Club brands, enable it to engage its global community in unique ways and capture huge market opportunities across multiple lifestyle categories, while remaining authentic and true to its values."

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