Livestream Shopping Stays Hot As Whatnot Valuation More Than Doubles To $3.7 Billion by laurengensler
Whatnot founders Grant LaFontaine and Logan Head are taking on eBay with their livestream shopping platform, popular among collectors.Despite a drawdown in venture capital spending, the livestream shopping platform Whatnot—popular for sports cards, rare toys and other collectibles—has raised $260 million in fresh funding.
“We had this hypothesis that a new generation of collectors were entering the market,” said LaFontaine, 34, Whatnot’s CEO. “And we thought this generation, which grew up on an iPhone, was not going to be happy with the existing players because a lot of them hadn’t evolved.” The company has emerged as the largest U.S. startup focused on livestream shopping, which is the term used to describe a modern-day take on QVC-style broadcasts in which a seller showcases items that are available for purchase to a live, online audience. The format has exploded in popularity in China in recent years.
Whatnot has been the fastest-growing marketplace in the nation for the past two years, according to theassembled by Andreesen Horowitz. Last year, sales grew by over 20 times. While the company would not disclose financials, it said it takes an 8% cut on sales and is not profitable.
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Livestream Shopping Stays Hot As Whatnot Valuation More Than Doubles To $3.7 BillionDespite a drawdown in venture capital spending, the online retailer—popular for buying sports cards, rare toys and other collectibles—raised $260 million.
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