The sneaker market is red hot, particularly online. The Goat Group more than doubled its valuation to $3.7 billion in its latest round of financing from $1.8 billion in the previous one last September.
The proceedings from the $195 million financing round will be used to add new hubs in Chicago, China, Japan and Singapore. The round was led by Park West Asset Management and by funds and accounts advised by T. Rowe Price Associates, Franklin Templeton, Adage Capital Management and Ulysses Management.
The company said its marketplace had generated a gross merchandise value of $2 billion in the last 12 months, with growth of more than 100 percent in sales of sneakers and 500 percent in its new apparel segment. “Goat is creating a leading, highly differentiated luxury and lifestyle brand that is uniquely positioned at the intersection of the primary and resale markets,” said Eddy Lu, co-founder and CEO of the global platform, which boasts 600,000 sellers and 30 million members.