Whatnot secures Series E funding, pushing up its valuation to almost $5B with its revolutionary live shopping platform with innovative, community-driven experiences.
Live shopping platform giant Whatnot has announced an impressive $265M Series E funding round, bringing its valuation to a staggering $4.97B. The funding was co-led by Greycroft, DST Global, and Avra, with new participation from Lightspeed Venture Partners and Durable Capital Partners. Long-standing supporters Andreessen Horowitz, CapitalG, BOND, and Y Combinator also joined the round. This new injection of capital marks a significant milestone for the company as it continues to redefine the way people shop online.
Founded in 2019, Los Angeles-based Whatnot has revolutionised online shopping by blending community and commerce into a vibrant live shopping platform. With its gross merchandise value (GMV) for 2024 surpassing $3B, the company is rapidly reshaping the way millions buy and sell globally. In the last year alone, the platform has doubled both its seller base and first-time buyers, leading to a more than twofold increase in sales volume. These impressive statistics highlight the growing demand for Whatnot’s unique shopping experience, which seamlessly combines entertainment and commerce.
From hobbies to thriving businesses with Whatnot’s live shopping platform
Imagine turning a passion for collectibles, vintage fashion, or rare trainers into a thriving online business. For thousands of sellers on Whatnot, this dream is a reality. The platform’s real-time, community-driven experience allows users to connect over shared interests while discovering products they love. This combination of social interaction and commerce has not only transformed the shopping experience but also empowered small businesses to thrive.
The statistics speak for themselves: over two-thirds of sellers on Whatnot now earn more than $10,000 monthly, and one in three employ more than six staff members to support their operations. This surge in entrepreneurial success underscores the platform’s role in fostering economic growth and innovation within the live shopping platform space. Sellers can build loyal customer bases by sharing their expertise and passions in real time, creating an unparalleled level of engagement and trust.
“We believe there’s a better way to shop online, and it starts with creating a platform where sellers can grow thriving businesses around the things they care about most,” said Grant LaFontaine, co-founder and CEO of Whatnot. “This capital will help us pave the way for mainstream adoption of livestream selling, and we’re grateful to welcome many new partners to the Whatnot family who share our vision that the future of shopping is live.”
A live shopping platform with global ambitions
Whatnot’s growth trajectory has been nothing short of remarkable. The company now serves users across North America and Europe, with expansion into Australia planned next month. This global reach is supported by a commitment to trust, safety, and seller tools that enhance user experience. The recently launched State of Livestream Selling Report underscores the platform’s impact, highlighting its ability to create jobs and generate substantial income for sellers.
In addition to geographic expansion, Whatnot is diversifying its product categories to attract an even broader audience. The platform now offers everything from trading cards and comic books to electronics and live plants, making it a one-stop shop for millions of buyers.
“Whatnot has tapped into a powerful shift in the way people shop – live, video, social, and mobile first,” said Marcie Vu, Partner at Greycroft and Whatnot board observer. “The company has built a multi-category platform that can address all of retail, approximately $7 trillion in the United States alone. We’re proud to support Whatnot’s exceptional team as they seek to impact many more consumers and sellers globally.”
Whatnot also plans to launch its first-ever tender offer, buying back up to $72M worth of shares. This move signals the company’s commitment to its employees and underscores its belief in the long-term potential of live shopping. By allowing employees to sell shares, the company is fostering a sense of ownership and commitment among its team.
Shaping the future of e-commerce
Launched just five years ago, Whatnot has now raised $746M in total funding. Its innovative approach to blending social interaction with shopping has captured the attention of millions, transforming how consumers discover, connect, and purchase online. Whether it’s trainers, trading cards, or electronics, Whatnot continues to create a space where shopping is not only convenient but also personal and engaging. Buyers can interact directly with sellers, ask questions, and get insights about products in a way that traditional e-commerce platforms simply can’t match.
“We’ve partnered with Whatnot since its early days, and it continues to be one of the fastest growing marketplaces we’ve ever seen,” said Laela Sturdy, Managing Partner at CapitalG. “Their consistent innovation and commitment to exceptional buyer and seller experiences have enabled them to become a truly remarkable company.”
Looking ahead, Whatnot is poised to lead the next wave of innovation in e-commerce. The company is investing heavily in technology to further enhance its platform, including advanced AI-driven recommendation systems and enhanced seller tools to streamline the user experience.
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