Sneaker marketplace app GOAT has raised $25 million in funding in a round led by venture capital firm Accel, with participation from existing investors Matrix Partners, Upfront Ventures and Webb Investment Network. The company has raised a total of $37.6 million in venture funding to date, and follows a $5 million round in August 2016.
Founded in 2015 and based in Los Angeles, GOAT describes itself as the leading sneaker marketplace on mobile and claims to be the “safest way to buy and sell sneakers” through a mobile device. The app differentiates itself from its peers by vetting all sellers and requiring them to ship their sneakers to GOAT’s warehouse once they sell, so they can be verified. If the sneakers are found to be replicas or not as described, GOAT offers a full refund to the buyer.
Since its last funding round in August, GOAT has grown to 1.5 million members and increased monthly gross merchandise volume (GMV) 10x with average order values surpassing $330.
Eddy Lu, co-founder and CEO of GOAT, said:
“While we weren’t looking to raise another round, we were excited about the opportunity to work with Ryan and Accel. Ryan is an exceptional investor with a very successful track record. He’s also a sneaker enthusiast, so he understands our market well. With Accel as well as our other top tier investors, we not only have the capital, but the guidance to strategically expand our business.”
The new funding will be used to accelerate the company’s domestic and international growth. To support this growth, GOAT plans to further expand its team in Los Angeles with key hires in engineering, operations, product and marketing. The company also plans to open additional facilities to improve operations and logistics.