Online Sneaker Marketplace GOAT has raised $195 million in late-stage funding, according to its parent company.
Reuters report that the e-commerce platform is now valued at $3.7 billion double its previous $1.8 billion valuations.
According to TechCrunch, its raise was led by Park West Asset Management, Franklin Templeton, Adage Capital Management, Ulysses Management. T. Rowe Price Associates advised on funds and accounts.
Online Sneaker Marketplace: What is GOAT?
The online sneaker marketplace was founded in 2015. It has since expanded to include apparel and accessories in its range of products. GOAT focuses on both primary and resale markets in the sneaker industry.
GOAT has over 30 million members in 170 countries.
How to Buy and Sell Sneakers on GOAT
Sellers, including retailers, boutiques, and resellers, can create listings on GOAT via the desktop website and mobile app. The GOAT App is available on both App Store and Google Play.
Products are then verified for authenticity regardless of their source. Products from retailers are pre-verified and shipped directly from the retailers and boutiques. On the other hand, products sold by resellers are first shipped to GOAT for verification before they're sent to buyers. Should an item end up being fake or not match the provided description, the buyer is notified and gets a full refund.
The online sneaker marketplace has made it convenient for buyers to make purchases on the app or website. Buyers simply have to peruse the listings available, select the right size, and click the option to buy. Buyers will then enter their contact and delivery formation and choose a payment option.
Related Article: Should I Sell My Products on Marketplaces?
GOAT Expansion
GOAT plans to use the proceeds to grow and expand its current sneaker business, according to CNBC. The company is also expected to add to its apparel and accessories offerings.
Per the same report, GOAT is also looking into expanding to Asian countries such as China, Japan, and Singapore.
According to TechCrunch, the online sneaker marketplace saw a gross merchandise value of $2 billion in the past year. Gross merchandise value refers to the total volume of goods sold.
Online Marketplaces on the Rise
As the world locked down and practiced social distancing the past year due to the COVID-19 pandemic, there has been a rise in online marketplaces. From food and beverage to apparel and art, countless products are being bought and sold online before they're shipped directly to consumers.
GOAT is one of the online sneaker marketplaces available to sneaker enthusiasts and counts eBay and Stock X as its closest competitors in the market.
Other online marketplaces include Facebook's Marketplace, which was poised to challenge Craigslist and eBay upon its launch, and Etsy, which focuses on handmade crafts.
Niche marketplaces are also available online. There is an online marketplace for digital art and another marketplace for scientific research.
This article is owned by TechTimes
Written by Isabella James
