StockX, an online stock market for the buying and selling of products, has secured $44m in its Series B round.
The round was co-led by GV (formerly Google Ventures) and Battery Ventures.
There were also several angels taking part in the funding including, DJ Steve Aoki, model and entrepreneur Karlie Kloss, streetwear designer Don C, Salesforce founder Marc Benioff, Annox Capital founder Bob Mylod, Third Kind Venture Capital managing partner Shana Fisher, and Ludlow Ventures managing partner Jonathon Triest.
A number of existing investors also took part in the round including Detroit Venture Partners, Courtside Ventures and angel investors Eminem, Mark Wahlberg, Ted Leonsis, Tim Armstrong, Scooter Braun, and Ron Conway of SV Angel.
Detroit-based StockX is a ‘Stock Market of Things’ which enables consumers to buy and sell products. The company currently has a marketplace for sneakers, streetwear, watches and handbags. There is an average $2m in daily transaction value, according to the company.
It works in a similar manner to traditional stock markets by building a liquid marketplace with anonymity and standardisation to offer real-time market pricing and transparency, the company website claims.
A user can either bid on a product or purchase one at the lowest price, the product will then be shipped to the buyer.
This line of capital will be used to support the international expansion of StockX, and increase the worldwide user-base. Funds will also be used to provide more product categories, as well as to add and evolve its authentication centres to better combat fraud.
StockX CEO Josh Luber said, “When we launched StockX just over two years ago, we did so with the idea that our innovative platform would revolutionize and dramatically improve the buying and selling experience of many categories of consumer products. We are grateful to the incredible group of high-profile investors who have supported us from the beginning.”
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