DETROIT, Michigan — Last week, Detroit based StockX announced a $44 million Series B that will help fuel international and domestic growth. The company’s main marketplace centers around sneakers.
StockX is built around a platform that works for most ecommerce and amongst the fastest growing startups in Detroit and Michigan — currently employing 300 in Detroit and 50 in Tempe, Arizona.
Founded in 2016 by CEO Josh Luber, COO Greg Schwartz and Dan Gilbert, founder and chairman of Quicken Loans, the company has scaled to see more than $2 million in daily transactions and 800,000 users have sold or purchased items on StockX.
At an event in Detroit, Luber told the audience that the company is approaching a billion dollar run-rate.
“We have about 50 engineers today and I would quadruple that tomorrow if I could,” Luber said. “We have about 50 customer service people today. I think it would be safe to double that tomorrow just because the business is growing so fast and we obviously hope it continues to grow as we scale.”
Last year the company also launched marketplaces for streetwear, handbags and watches — all verticals with a strong demand in the secondary market.
The new round of funding arrived from GV and Battery Ventures including several high-profile investors including DJ Steve Aoki; model and entrepreneur, Karlie Kloss; streetwear designer Don C; Salesforce founder chairman and co-CEO, Marc Benioff; Bob Mylod, founder and managing partner of Annox Capital; Shana Fisher, managing partner at Third Kind Venture Capital; and Jonathon Triest, managing partner of Ludlow Ventures — only Mylod and Triest are based in the Detroit area.
Fifteen percent of StockX sales currently come from international buyers.
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